These Four Public Companies are Seeing Share Price Rising Following the CLARITY Act Compromise on Stablecoin Yield

Earlier today, CI noted that Coinbase (NASDAQ:COIN) was experiencing a rise in its share price following news that a compromise had been reached on the crypto market infrastructure legislation, or the CLARITY Act, on stablecoin yield. Legacy banks were leery of allowing yield, or interest payments, to stablecoin holders, as it might reduce the amount held in bank deposits.

While ignoring the fact that banks could always adjust the interest rates they pay deposit holders and thus easily compete, a compromise will allow stablecoin holders to earn “rewards.” While the final language is not yet publicly available, Coinbase voiced its approval of the agreement, signaling to the entire market that things were good to go for crypto.

Currently, Coinbase shares are up over 6%, trading around $203.33. Coinbase shares closed on Friday at $191.25, indicating bullish sentiment about the digital asset firm’s prospects.

So who else is benefiting from the crypto compromise?

Circle (NYSE:CRCL), a key stablecoin issuer that has big plans for the future of money and value transfer, has seen its shares pop a whopping 19.4% today. Circle’s shares closed on Friday at $99.70.

BitGo (NYSE:BTGO), the largest digital asset custody in the world and infrastructure platform, including wallets, staking and more, saw its shares jump by over 10% today. Now trading at $11.55, shares closed at $10.43 on Friday.

Finally, Gemini (NASDAQ:GEMI), a crypto exchange that IPOed within the last year, only to see its shares collapse far below the IPO price ($28), has experienced a more muted response. Currently, Gemini is trading a mere 0.21% higher. At one point today, shares were doing better, pushing $5. But when you realize that its 52-week high is over $45, Gemini has a pretty big hole to dig out of.

Update:

Robinhood (NASDAQ:HOOD) should be part of this list, too, as a segment of their trading is for crypto. Today, Robinhood is trading up around 4%, currently at $76.67. Shares closed on Friday at $73.66. Robinhood reported disappointing earnings at the end of April, so it has a hill to climb to get back to where shares were traded before the earnings release.