Crypto Stocks Recover from CLARITY Act-Induced Selloff
Crypto-linked stocks made a sharp rebound on Friday after experiencing losses due to the Senate's failure to advance the CLARITY Act earlier in the week.
The gains were led by Strategy, which rose over 13%, while Coinbase and American Bitcoin climbed about 11% each. Robinhood gained nearly 9%, according to Yahoo Finance data.
The rally extended across other crypto-linked equities, with Circle, Strive, and Bitcoin miner Riot Platforms all gaining between about 5% and 7%. Bitcoin (BTC) was also up around 5% over the past 24 hours to approximately $80,800 at the time of writing, according to CoinGecko.
The gains came after US regulators began moving ahead with crypto-related actions under their existing authority. The CFTC provided no-action relief to passive software providers and temporarily eased requirements for certain platforms facilitating onchain trading of tokenized securities. Additionally, the CFTC submitted a crypto market regulatory action for White House review.