New York, Jan 15, 2026, 10:33 EST — Regular session underway.
- MARA shares slide amid a drop in bitcoin and weakening crypto-linked stocks in U.S. trading
- The Senate Banking Committee has delayed its scheduled markup session on a crypto market-structure bill
- Traders are eyeing the bill text set for Jan. 21 and the Senate Agriculture Committee markup scheduled on Jan. 27
Shares of MARA Holdings (MARA.O) dropped 2.6% to $10.82 in early trading Thursday, weighed down by a retreat in bitcoin and a wider sell-off in crypto-related stocks. Riot Platforms slid 3.3%, CleanSpark was down 2.6%, Coinbase fell 3.7%, and Strategy lost 3.6%.
Bitcoin miners’ stocks can appear erratic when trading is thin. Their revenue tracks bitcoin’s price, yet major expenses like power, hosting, and hardware are paid in dollars, which often magnifies price swings.
This week, that heightened sensitivity is colliding with policy uncertainty. The Senate Banking Committee delayed its 10 a.m. executive session, originally slated to review H.R.3633, the Digital Asset Market Clarity Act of 2025, according to the panel’s website. 1
The delay came just hours after Coinbase CEO Brian Armstrong criticized the draft, saying the exchange couldn’t back it as it stands. He warned it might restrict tokenized equities—digital representations of shares—and limit stablecoin rewards. “We’d rather have no bill than a bad bill,” Armstrong said. Committee chairman Tim Scott responded that “everyone remains at the table working in good faith.” 2
Earlier this week, senators rolled out draft legislation to clarify when tokens qualify as securities and to boost spot-crypto oversight under the Commodity Futures Trading Commission. The debate over stablecoin yield is heating up, pitting banks against crypto firms with lawmakers caught in the middle. Summer Mersinger, CEO of the Blockchain Association, branded it a “pressure campaign by the Big Banks.” 3
Bitcoin has been volatile amid changing macro headlines. On Wednesday, it climbed 3.58% to $97,428, Reuters reported, as investors weighed fresh U.S. data alongside evolving rate outlooks. 4
MARA operates fleets of specialized computers that race to validate bitcoin transactions, earning new tokens and fees in the process. For equity investors, miners like MARA offer a liquid way to gain bitcoin exposure — but that comes with risks in both directions.
Mining economics hinge on “hashrate” — the computing power miners bring to the table — and network difficulty, which sets the challenge level for winning blocks. If hashrate and difficulty increase, individual machines may produce less unless miners upgrade gear or secure cheaper electricity.
The risk is clear: a steeper bitcoin plunge, rising power expenses, or a harsher final bill—particularly targeting stablecoin rewards and market-structure regulations—could sour sentiment and squeeze funding for miners dependent on capital markets.
Traders have shifted focus beyond Thursday’s delayed Senate Banking hearing to the upcoming deadlines on Capitol Hill. The Senate Agriculture Committee aims to unveil legislative text by COB Jan. 21, with a committee markup set for Jan. 27 at 3 p.m., per an official statement. 5
