New York, Jan 14, 2026, 17:42 EST — After-hours
Shares of Coinbase Global climbed 1.3% in after-hours trading Wednesday following CEO Brian Armstrong’s announcement that the company withdrew its backing for the latest Senate crypto market-structure bill. Armstrong slammed the proposal, calling it worse than the current rules and saying he preferred no bill to a flawed one. The stock last changed hands at $255.86. Meanwhile, bitcoin edged up about 1.7%, with crypto-related stocks showing mixed moves: Strategy gained 3.7%, while Robinhood slipped 0.5%. (Bloomberg)
Washington is back at it, trying to craft a federal playbook for digital assets—a move investors are watching closely for signs of regulatory relief. The latest draft, revealed late Monday, aims to clarify when crypto tokens count as securities or commodities and hands the Commodity Futures Trading Commission control over spot crypto markets, where assets trade instantly. It also proposes banning crypto firms from paying interest just for holding dollar-pegged “stablecoins,” though rewards tied to payments or loyalty programs would still be allowed. Summer Mersinger, CEO of the Blockchain Association, accused big banks of mounting a “relentless pressure campaign” to change the bill, while Digital Chamber head Cody Carbone called the progress “encouraging.” (Reuters)
For Coinbase, viewed by investors as a key indicator of U.S. crypto policy, the split is just as crucial as the main headline. A market-structure bill might overhaul how platforms list tokens, handle customer rewards, and navigate oversight that’s been in flux due to court rulings and regulatory moves.
Coinbase’s earnings usually track bitcoin and other token trading closely. That relationship can work both ways: sharp price moves boost volumes, while extended lulls often pressure transaction revenue.
The company has also encountered tougher competition for retail crypto trades as brokers and trading apps broaden their digital-asset options. Changes in rules that reduce incentives or increase compliance costs could push customers to trade elsewhere.
However, the text remains in flux, and lawmakers can still revise it. A harsher bill—or one that ends up stalled—could leave the industry stuck with a patchwork of rules that shift depending on the political winds and enforcement focus.
Traders are eyeing if the broader crypto bounce can stick and if volatility makes a comeback. Coinbase shares often exaggerate swings in the underlying tokens, sometimes to their benefit, sometimes not.
The next major trigger points to Capitol Hill. The Senate Banking Committee will convene Thursday to review H.R.3633, the Digital Asset Market Clarity Act of 2025, per the committee’s hearing notice. (Senate)
