Coinbase Stock Ties to Senate Vote on Clarity Act

Coinbase stock is in focus as investors wait for the outcome of a critical Senate vote on the Clarity Act, a long-awaited crypto market structure bill. The bill needs at least seven Democrats to support it to survive a filibuster.

So far, only two Democrats have backed the bill, which has been stuck since passing out of the Senate Banking Committee in May. Republicans added a compromise that lets the Treasury Secretary restrict rewards for stablecoins if enough deposits start flowing out of community banks.

Coinbase CEO Brian Armstrong has expressed support for the bill but emphasized that the company's stock isn't dependent on this vote going a certain way. He said regulators at the SEC and CFTC have signaled they're ready to issue their own rules regardless of the Clarity Act's fate.