Crypto Stocks Rise Despite Failed Clarity Act Vote: Coinbase, Strategy, and Robinhood Tick Up

The Senate killed the crypto bill the industry spent years and hundreds of millions chasing, yet Coinbase, Strategy, and Robinhood are all ticking higher this morning. The reason why reframes everything investors thought Tuesday's selloff meant.

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Shares of Coinbase Global (NASDAQ:COIN | COIN Price Prediction) are rising slightly in early Wednesday trading, even as the crypto industry absorbs a major legislative setback. Coinbase stock is up 1% to $174 after the U.S. Senate blocked the Clarity Act, the market structure bill the industry spent years pursuing. The move continues a rebound off the sharp selloff crypto-linked equities took into Tuesday’s vote.

Strategy (NASDAQ:MSTR) stock is drifting higher, up 1% to $130.66. Also higher, Robinhood Markets (NASDAQ:HOOD) stock is up 0.57% at $111.08. Both names had already priced in a defeat before the tally landed.

The split with the token itself is where the morning’s real signal lives. The iShares Bitcoin Trust ETF (NASDAQ:IBIT) is down 0.2% to $43.03, while the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 0.35% to $760.03. Thus, the Bitcoin (CRYPTO:BTC) proxy is lower while the crypto equities and the broad tape are green.