Senate Rejects Crypto Bill, But Stocks Rise Anyway

The Senate voted against the Clarity Act on Tuesday, blocking a bill aimed at establishing a federal regulatory framework for digital assets.

Coinbase stock is up 1% to $174 in early Wednesday trading despite this setback. This move continues a rebound from the sharp selloff crypto-linked equities took after Tuesday's vote.

The iShares Bitcoin Trust ETF (NASDAQ:IBIT) is down 0.2%, while the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 0.35%. The Bitcoin proxy is lower, but crypto equities and the broad tape are green.