Coinbase Stocks Soar on Trump-Backed Crypto Regulation Push
Coinbase's stock price surged by 6.7% in pre-open trading, reaching $170.96, as investors reacted positively to a White House meeting between President Trump and crypto industry leaders.
The meeting, held on August 19, saw the president urge Congress to pass the CLARITY Act, which aims to clarify whether crypto tokens are classified as securities or commodities.
President Trump's support for the industry helped lift Coinbase's regulatory outlook, while a record short squeeze in Bitcoin added to the stock's momentum. The largest short squeeze since 2021 saw $2.7 billion in crypto short positions liquidated within 24 hours, with over $1 billion in Bitcoin shorts closed in one hour.
Coinbase CEO Brian Armstrong forecasted a bipartisan Congressional vote on the CLARITY Act by September 15, which could trigger an October rally in the crypto market.