Crypto Market Rallies on CLARITY Act Hopes, COIN Stock Jumps 11%
US Treasury Secretary Scott Bessent's comments on the Digital Asset Market Clarity Act (CLARITY Act) sent shockwaves through the crypto market, with Coinbase (COIN) stock jumping 11% in morning trade.
The CLARITY Act is on the 'one-yard line' for passage in the Senate, according to Bessent, who also mentioned that the Trump administration plans to scrutinize open-source AI models for evidence of intellectual property theft.
This optimism spread across crypto-linked equities, including Circle (CRCL), Strategy (MSTR), and Bitmine Immersion Technologies (BMNR), with CRCL's stock rising 6% and MSTR's stock climbing 4.5%.
Ripple's XRP led gains among the top 10 cryptocurrencies by market capitalization, with its price jumping 4% to around $1.15.
Despite Tuesday's rally, Coinbase, Circle, and Bitcoin remain well below their levels at the start of the year, with COIN's stock down 21% year-to-date and Bitcoin down 24%.