WASHINGTON, July 24, 2026, 18:17 EDT
- On average, shares of three publicly traded crypto-related companies dropped by 11.0% following Tuesday. Bitcoin declined 3.5%.
- They posted a negative return of 0.4% for the week, trailing bitcoin by just 0.8 percentage points.
- U.S. regular markets were shut, though after-hours trading continued. Coinbase Global NASDAQ:COIN is set to report next Thursday, as the Senate could start debate.
By Friday, the Clarity Act premium that had boosted crypto stocks on Tuesday had disappeared. The shares of three publicly traded companies dropped by an average of 11.0% following Tuesday, while Bitcoin declined 3.5%.
The companies rose 8.4% on Tuesday, outperforming bitcoin by 6.4 percentage points. By Friday, the lead had disappeared.
| Asset | Friday level | Tuesday move | Since Tuesday | Full week |
|---|---|---|---|---|
| Coinbase Global NASDAQ:COIN | $158.29 | up 9.6% | down 10.0% | up 0.7% |
| Circle Internet Group NYSE:CRCL | $62.36 | up 8.6% | down 12.3% | up 3.1% |
| Robinhood Markets NASDAQ:HOOD | $94.91 | up 7.1% | down 10.8% | down 5.1% |
| Three-firm average | — | up 8.4% | down 11.0% | down 0.4% |
| Strategy NASDAQ:MSTR | $91.67 | up 4.2% | down 10.1% | down 3.4% |
| Bitcoin | $64,197 | up 2.0% | down 3.5% | up 0.4% |
Stock returns calculated from close to close. The week covers July 17 to July 24. Bitcoin figures reflect daily reference prices.
The 10.1% decline in Strategy highlights the impact of equity leverage. Still, the combined performance of the three firms finished less than a point away from bitcoin. The policy premium reversed its earlier move.
Shares climbed on Tuesday after news emerged of an ethics agreement between the White House and Senate. However, the published draft did not gain sufficient backing from Democrats.
The measure alters operating guidelines instead of only affecting token prices. It grants the Commodity Futures Trading Commission authority over spot markets for digital commodities, while maintaining transaction-related stablecoin incentives. Rewards for inactive balances would no longer be allowed.
Coinbase CEO Brian Armstrong stated that the bill boosts both U.S. crypto leadership and protections for consumers.
The legislation requires support from at least eight Democrats. Ethics oversight continues to be the primary challenge.
The regulations prohibit officials from issuing or backing tokens in exchange for payment. The rules allow personal investments in digital assets and official policy declarations.
Only the attorney general is authorized to enforce the statute. State attorneys general and individuals lack standing to bring lawsuits. Liability ceases with the sunset provision on January 20, 2029.
Ruben Gallego is collaborating with Republican Thom Tillis and additional lawmakers on a counterproposal. He described the Republican wording as “not a serious effort.” Off The Press
Cory Booker stated that the draft was “very obviously not going anywhere.” Cynthia Lummis commented that the law should not be designed with a single officeholder in mind. Fox News
Staff for the Democratic committee calculated that Trump made over $1.4 billion from cryptocurrency projects in 2025. The estimate drew on financial disclosure filings and reporting by the New York Times. Republican members argue the regulations need to be consistent throughout government.
Two tests are scheduled for next week. Senate Majority Leader John Thune seeks to initiate floor debate, but is skeptical about finishing it. Coinbase is set to announce second-quarter earnings after Thursday’s closing bell.
A bipartisan enforcement deal has become the most apparent driver for policy. Movements in the price indicate that investors want to see actual text rather than just headlines.
Risks: Shares of crypto companies are influenced by bitcoin’s movement, trading activity, and overall market risk sentiment. The data does not attribute each drop to Washington.
Related articles: NASDAQ:COIN
