Shares of major crypto-exposed companies rallied sharply in Thursday's trading session after the Senate Banking Committee voted to advance the Digital Asset Market Clarity Act. Coinbase Global, Robinhood Markets, and Strategy each gained approximately 5%, reflecting renewed optimism that U.S. lawmakers may finally provide a clearer regulatory framework for digital assets.
The bill, which passed the committee on a 15-9 vote, aims to delineate the regulatory responsibilities of the Securities and Exchange Commission and the Commodity Futures Trading Commission. For years, the lack of clear jurisdictional boundaries has created uncertainty for exchanges, brokers, and investors, often resulting in enforcement actions rather than rule-based guidance. The legislation now moves to the full Senate for debate, though it still faces significant hurdles in the House and potential political opposition.
Coinbase closed at $212.01, up 5.1%, while Robinhood ended at $80.70, a 5.2% gain. Strategy finished at $186.97, adding 5.0%. The moves came as Bitcoin held steady above $80,000, trading near $80,623 early Friday, providing a supportive backdrop for the sector.
For Coinbase, the largest publicly traded U.S. crypto exchange, the bill represents a potential end to years of regulatory limbo. The company has actively lobbied for legislation that clarifies whether digital tokens are securities or commodities. CEO Brian Armstrong reacted to the vote on social media, urging lawmakers to “get CLARITY done.”
Robinhood's crypto revenue fell 47% year-over-year in the first quarter to $134 million, but its event-contract revenue surged 320% to $147 million. While clearer crypto rules won't immediately revive sluggish trading volumes, they could support the firm's push into digital assets and prediction markets.
Strategy, widely viewed as a bitcoin proxy, added 535 bitcoin last week for approximately $43 million, funded through at-the-market share sales. The company now holds 818,869 bitcoin at an average cost of $75,540. Its stock remains tightly correlated with bitcoin's price movements.
Other crypto-linked names also advanced. Marathon Digital, a bitcoin miner, rose as traders rotated into names tied to both bitcoin and regulatory momentum. Despite the shared tailwind, the three companies have distinct business models: Coinbase generates revenue from exchange fees and services, Robinhood is a retail brokerage with crypto and event-contract exposure, and Strategy primarily holds bitcoin on its balance sheet.
Prediction markets reflected growing optimism. On Kalshi, traders assigned a 70% probability that U.S. crypto market-structure legislation would pass before 2027, while Polymarket showed a 68% chance the Clarity Act becomes law in 2026. These odds, while not forecasts, indicate market sentiment.
Analysts remain cautious about the bill's ultimate passage. Galaxy's Alex Thorn noted that the committee vote could be decisive, but Elliptic's David Carlisle called it a critical step, pointing to the divided vote as a sign of lingering challenges. The bill must still secure Senate approval, align with House proposals, and attract sufficient Democratic support to overcome procedural obstacles. Banks are lobbying for stricter caps on stablecoin rewards, while some Democrats push for stronger anti-money-laundering measures.
For now, the market is pricing in a more favorable regulatory outlook. Coinbase and Robinhood could see significant operational changes if the bill becomes law, while Strategy continues to ride bitcoin's momentum. Despite their differences, all three stocks are moving higher on the same catalyst: the prospect of clearer rules for digital assets.
