Coinbase Soars on Senate Vote Outlook
Coinbase shares jumped 8.7% in the afternoon session after the Senate prepared for a crucial floor vote on the Digital Asset Market Clarity Act (CLARITY Act), which aims to establish a clear regulatory framework for digital assets in the U.S.
The bill, which incorporates new ethics restrictions and stablecoin safeguards, has been revised to 635 pages and is expected to be voted on soon.
Coinbase stock was upgraded by Compass Point analyst Ed Engel from Sell to Neutral, with a price target of $177. He noted that even if the legislation stalls, regulatory exemptions and tokenized equities are likely to advance next year regardless.
The upgrade reflects diminishing analyst pessimism regarding policy headwinds, as Bitcoin prices have rebounded and are trading above $79,000, up roughly 2% from earlier this week.