New York, Jan 15, 2026, 13:12 ET — Regular session
- Coinbase dropped roughly 3% after a Senate committee delayed the markup on a crypto market-structure bill.
- Bitcoin slipped to just under $96,000, dragging down related stocks like Strategy and mining companies as well.
- Traders are focused on updated bill language and any indication that a late-January committee vote might proceed as planned.
Shares of Coinbase Global dropped 3.3% on Thursday following the U.S. Senate Banking Committee’s decision to delay a markup of a crypto market-structure bill. The move came just hours after Coinbase pulled its backing for the draft. CEO Brian Armstrong said, “We’d rather have no bill than a bad bill,” as bitcoin dipped 0.6% to $96,418. Reuters
Timing is crucial for traders. Washington has been edging closer to a rare milestone — a committee meeting where lawmakers will debate proposed changes and decide whether to move a bill forward.
Coinbase has long advocated for clearer U.S. regulations, saying the current patchwork of enforcement actions and legal battles makes big investors wary and stalls new product rollouts. Now, with a delay, the debate resurfaces: will the industry finally get a “rulebook” in 2026, or face yet another year of uncertainty?
A markup is the behind-the-scenes work: lawmakers gather, revise the text, and line up support. The Digital Asset Market Clarity Act aims to define when crypto tokens qualify as securities versus commodities and set clear boundaries for the Securities and Exchange Commission, according to the committee draft cited during the Senate debate buildup.
Armstrong warned the new text aims to slash rewards on dollar-pegged “stablecoins” — tokens meant to stay around $1 — and diminish the Commodity Futures Trading Commission’s influence, the regulator favored by the industry. He also raised red flags about tokenized equities and decentralized finance, or DeFi, the blockchain-driven financial services running without conventional middlemen.
Bitcoin proxies took a hit. Strategy dropped 2.1%, with miners Marathon Digital and Riot Platforms each losing roughly 0.5%. BlackRock’s iShares Bitcoin Trust ETF declined by 1.1%.
Bitcoin remains close to its recent peaks despite a dip on Thursday. According to Farside Investors data, U.S. spot bitcoin ETFs saw net inflows of $753.8 million on Jan. 13 and $840.6 million on Jan. 14.
Some strategists believe the combination of steadier macro readings, ongoing ETF demand, and potential new legislation will keep support under the market. Sean Farrell, Fundstrat’s head of digital asset strategy, expects “this momentum [to] continue in the coming days.” LMAX Group strategist Joel Kruger identified the $95,000 mark as a key psychological level for bitcoin. Investopedia
Banks are zeroing in on one particular issue: stablecoin “yield” or interest-like rewards. The American Bankers Association says banking groups have pressed lawmakers to shut what they see as a loophole in last year’s stablecoin law. They warn that offering interest on stablecoins might drain deposits from traditional banks. ABA Banking Journal
The downside is straightforward. If lawmakers fail to bridge differences on stablecoin rewards, regulatory authority, and the ethics rules some Democrats demand, the bill might stall. That would likely push crypto-sensitive stocks back to reacting to headlines instead of fundamentals.
The next catalyst is political, not technical: whether the Senate Banking Committee manages to reschedule a markup during the final week of January — the one starting Jan. 26 — and if new language can swing Coinbase back into the “yes” camp.
