Coinbase Stock Soars on Revised Clarity Act Draft
Coinbase Global Inc. (NASDAQ:COIN) stock rose by nearly 10% on Monday, following the release of a revised draft of the CLARITY Act.
The bill aims to regulate the crypto market and has been gaining traction in the Senate.
Former Democratic Rep. Tim Ryan, who co-chairs the Blockchain Innovation Project and sits on Coinbase's Global Advisory Council, expressed optimism about the bill's chances, citing two Democratic senators who crossed party lines to support it earlier this year.
Ryan noted that resistance comes from entrenched financial interests wary of new competition, pointing to lobbying efforts from both banks and crypto groups over stablecoin rewards.
Compass Point analyst Ed Engel upgraded Coinbase to Neutral from Sell and raised the price target to $177, citing growing signs that Bitcoin has turned a corner off its cyclical low point.