Coinbase Soars as Senate Prepares to Vote on Digital Asset Regulation Bill
Coinbase shares surged 8.7% in afternoon trading after the Senate prepared to vote on the Digital Asset Market Clarity Act, a bill aimed at creating a clear regulatory framework for digital assets.
The bill, which has been revised to 635 pages, includes new ethics restrictions and stablecoin safeguards, and is seen as a key driver of investor sentiment in crypto-linked equities.
Crossing the 60-vote cloture threshold would be a crucial step towards passing the legislation, although analysts are divided on its chances of success.
Compass Point analyst Ed Engel upgraded Coinbase's stock to Neutral from Sell and raised his price target to $177, citing diminishing analyst pessimism regarding policy headwinds and a cyclical rebound in Bitcoin prices.