NEW YORK, July 21, 2026, 15:15 EDT
- The stock climbed to $176.11 as of 15:00 EDT, while U.S. markets were still trading.
- Coinbase shares climbed 5.5 times more than bitcoin, which rose 1.8%.
- The Clarity Act requires backing from Democrats to achieve the 60 votes necessary in the Senate.
Shares of Coinbase Global, Inc. NASDAQ:COIN climbed 9.8% following news of an ethics compromise related to the Clarity Act. The stock was changing hands at $176.11 at about 15:00 EDT.
The breakthrough originated in Washington. The White House and a group of senators, including Cynthia Lummis and Bernie Moreno, struck the agreement on Monday, according to the Wall Street Journal.
Bitcoin rose 1.8% during the session. Coinbase advanced by a margin 5.5 times greater. The difference indicates investors factored in policy benefits beyond simple token beta.
The surge increased Coinbase’s market value by a provisional $4.2 billion, equivalent to around 3.1 times its net revenue from the first quarter.
The bill has cleared the House. In the Senate, it still needs some backing from Democrats to achieve the 60-vote threshold.
Shares connected to cryptocurrencies rose as well, with Coinbase outperforming others in this group sensitive to policy changes.
| Instrument | Daily move | Move divided by bitcoin |
|---|---|---|
| Coinbase Global, Inc. NASDAQ:COIN | +9.8% | 5.5x |
| Galaxy Digital Inc. NASDAQ:GLXY | +7.0% | 3.9x |
| Robinhood Markets, Inc. NASDAQ:HOOD | +6.9% | 3.9x |
| Circle Internet Group Inc. NYSE:CRCL | +6.8% | 3.8x |
| Strategy Inc. NASDAQ:MSTR | +2.4% | 1.3x |
| Bitcoin | +1.8% | 1.0x |
As of 15:00 EDT, movements were modest. Each multiple represents the percentage change relative to bitcoin’s increase.
Coinbase’s dependence on specific revenue streams reflects its vulnerability. In the first quarter, transactions contributed $755.8 million, accounting for 56% of total net revenue, while subscriptions and services accounted for $583.5 million, or 44%.
Stablecoin revenue totaled $305.4 million, providing investors with direct exposure to how the bill addresses rewards and payments.
The Senate committee draft released in May limits rewards for holding inactive stablecoin balances but allows incentives based on transactions. Digital commodity platforms would be subject to anti-money-laundering standards akin to those in banking.
Jesse Pollak, creator of Base, said on Tuesday that Coinbase is “close to fixing” its tokenized-equity gap. He stated on X that the upcoming product will feature “1:1 backed equities.” X (formerly Twitter)
This move has the potential to expand Coinbase’s audience beyond just cryptocurrency trading. The Clarity Act maintains that tokenized securities will continue to fall under securities regulations.
Risks persist. The ethics language was not disclosed, Senate Democrats had yet to examine it, and concerns over anti-money-laundering issues continued. Coinbase shares also fell back from their $181.47 intraday peak.
Coinbase is scheduled to announce its second-quarter earnings after the market closes on July 30. The Q&A session will begin at 14:00 Pacific time.
The report presents the upcoming trial. Investors will observe if Washington’s premium extends to volumes, stablecoins and additional products.
At present, Coinbase functions as more than just a bitcoin stand-in. The 5.5-to-one spread seen on Tuesday is the most obvious indicator.
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