Crypto stocks rebound after CLARITY Act selloff

Crypto-linked stocks rebounded sharply on Friday, reversing losses that followed the Senate’s failure to advance the CLARITY Act earlier this week, as Bitcoin climbed back above $80,000.

Strategy led the gains, rising more than 13%, while Coinbase and American Bitcoin climbed about 11% each. Robinhood gained nearly 9%, according to Yahoo Finance data.

Source: Yahoo Finance

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 about 5% over the past 24 hours to around $80,800 at the time of writing, according to CoinGecko.

The gains came after the same stocks fell sharply following the Senate’s Sept. 15 failure to advance the CLARITY Act. Coinbase and Circle dropped about 10% following the vote, while Strategy and Strive fell about 5% and American Bitcoin declined roughly 8%.

Since the vote, US regulators have begun moving ahead with crypto-related actions under their existing authority. Thursday brought actions from both agencies, with the CFTC providing no-action relief to passive software providers and the SEC temporarily easing requirements for certain platforms facilitating onchain trading of tokenized securities.

The CFTC also submitted a crypto market regulatory action for White House review, though the “prerule” filing does not disclose details of the planned regulation.