NEW YORK, Jan 13, 2026, 18:31 EST — After-hours
- Coinbase shares climbed roughly 4% in after-hours trading after Washington breathed new life into a crypto regulatory framework that had been stuck for years.
- A Senate draft bill aims to hand more spot-crypto regulation to the CFTC and restrict interest-style payouts on stablecoins.
- Traders are focused on Thursday’s markup of the bill and the upcoming Fed decision for hints on interest rates.
Shares of Coinbase Global climbed roughly 4% in after-hours trading Tuesday, following a surge in bitcoin. The boost came as U.S. senators introduced a draft bill aimed at establishing clearer regulations for crypto markets.
This matters for Coinbase, which plays a central role in U.S. crypto trading and custody. Its earnings fluctuate with token prices and shifts in regulatory tone. After years of debate, Washington is finally edging closer to a clearer framework on whether many tokens qualify as securities.
The draft, unveiled late Monday, aims to clarify when crypto tokens qualify as securities, commodities, or fall into other categories. It would grant the Commodity Futures Trading Commission authority over spot (cash) crypto markets. The proposal also prohibits crypto firms from paying interest solely for holding stablecoins but permits rewards tied to activities like payments or loyalty programs. Additionally, it establishes a joint SEC-CFTC disclosure rule. The Senate Banking Committee plans to review the bill Thursday. (Reuters)
Coinbase is pushing lawmakers to keep stablecoin rewards intact and could withdraw its backing for the market-structure bill if the rules extend beyond simple disclosure requirements, according to a source familiar with the company’s stance, The Business Times reported. Faryar Shirzad, Coinbase’s chief policy officer, tweeted that safeguarding stablecoin rewards is key to upholding the U.S. dollar’s “supremacy,” the report added. (The Business Times)
Bitcoin climbed roughly 4.6% to around $95,300. Strategy, known as a high-beta bitcoin proxy, jumped about 6.7%. Robinhood edged up 2.3%, and stablecoin issuer Circle gained 0.7% in late trading.
The macro environment eased somewhat. U.S. consumer prices climbed 0.3% in December, with core inflation up 0.2%, a report that bolstered bets the Federal Reserve will pause rate hikes at its Jan. 27-28 meeting. (Reuters)
The move on crypto policy coincides with fresh listings and deal chatter returning to the space. On Monday, crypto custody firm BitGo announced plans for a U.S. IPO targeting a valuation up to $1.96 billion. IPOX research analyst Lukas Muehlbauer noted a “flight to quality” benefiting regulated firms rather than riskier bets. (Reuters)
Stablecoins are crypto tokens meant to maintain a consistent value, usually pegged to the U.S. dollar. Coinbase states that eligible users can earn rewards by holding USDC on its platform, calling the initiative a loyalty incentive that may be modified or ended at any time. (Coinbase Help)
Coinbase investors face a mixed bag. Defining the boundaries between the SEC and the CFTC might clear up legal uncertainty around listings and market structure. But stricter rules on stablecoin rewards risk cutting into a revenue source that holds up better than transaction fees during trading lulls.
The bill remains a draft and could shift as lawmakers make changes. Banks are pushing back, warning that stablecoin rewards might siphon deposits from the traditional banking system. If the plan stalls again, crypto firms will remain reliant on regulatory guidance that shifts with political winds — leaving Coinbase stock to continue trading as a proxy for both bitcoin and Washington.
Thursday brings the Senate committee’s showdown on the bill’s text, where the stablecoin rewards clause is expected to ignite debate. Traders are also eyeing the Fed’s Jan. 27-28 meeting as the next big macro event to sway risk appetite.
