Coinbase, Robinhood Hit Record Highs as U.S. House Passes Landmark Crypto Legislation

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coindesk
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7 hours ago


Crypto-linked stocks climbed higher on Thursday as the U.S. House passed two major pieces of legislation designed to bring structure to digital asset markets, a move investors interpreted as a step toward long-awaited regulatory clarity.

Coinbase (COIN), the largest U.S. crypto exchange, advanced 3.2% during the session closing above $410 for the first time ever and pushing its market cap above $100 billion. Circle (CRCL), issuer of the $62 billion USDC stablecoin, rebounded from its intra-day dip to close 0.8% higher at its strongest price in three weeks and extending yesterday's 19% rally.

Robinhood (HOOD), a digital trading platform expanding into crypto and tokenized finance, rose 2.6% above $105, a fresh record high. Digital asset investment firm Galaxy (GLXY) also gained 6%.

The action happened as the U.S. House of Representatives back-to-back passed the CLARITY Act, targeting crypto market structure oversight, and the GENIUS Act, which creates a framework for regulating stablecoins. The stablecoin bill already cleared the Senate last month, setting it up for a possible signing into law.

Despite the optimism in equities, cryptocurrency prices were more subdued. Bitcoin (BTC) hovered around $119,000, down 0.9% on the day, while Ethereum's ether (ETH) was little changed at $3,400. XRP was up 8% over the past 24 hours just shy of its 2018 record high.


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