Coinbase Stock Plunges as Crypto Bill Stalls in Senate

Coinbase (NASDAQ:COIN) stock fell by nearly 9% to around US$175.16 on Tuesday following news that a key US crypto bill had failed to advance in the Senate.

The Clarity Act aimed to set clear rules for how cryptocurrency is regulated, but it stalled after failing to get enough support in a procedural vote.

Coinbase's shares tend to move with crypto prices, and Bitcoin dropped below US$77,000 on Tuesday, dragging crypto-linked stocks lower.

Despite the setback, Coinbase's CEO, Brian Armstrong, has argued that clearer rules may still come another way, as regulators have signaled they are ready to write their own if Congress does not act.