Coinbase (NASDAQ:COIN) shares have risen by over 10% in early trading on good news in the crypto world.
First, Bitcoin has caught a bid and is now up around 4% in the past 24 hours. Coinbase has historically seen its shares rise alongside Bitcoin’s price.
Also, chatter suggests that the White House has approved updated language for the CLARITY Act, which may mollify recalcitrant Democrats blocking the bill. While most of the hurdles to the CLARITY Act reaching a floor vote in the Senate have been addressed, Senate Dems have used the ethics language to hold up the legislation, which they have lambasted for the Trump family’s participation in the crypto markets.
As time is running out on the bill, legislation that was approved in the US House over a year ago, the crypto market infrastructure legislation may finally be on a path for approval.
Also, Jesse Pollak, a lead developer at Coinbase, posted yesterday that he was frustrated by Robinhood’s lead in tokenized equities, but now they are on the cusp of a fix. Pollak stated:
“We’ve been behind on this on Base, and I’m frustrated that’s the case. But we’re close to fixing it with Coinbase. And when we do, we’ll have 1:1 backed equities (vs. Robinhood’s derivatives) that should scale much better from a trust, capital efficiency, and institutional acceptance. The largest capital market in the world + the incredible financial programmability of the supercharged EVM on is going to be a powerful combination.”
Pollack said the launch was “imminent.”
This builds on the thesis of becoming the everything exchange, the one platform to rule them all when it comes to a person’s financial existence, combining traditional, digital, and banking services.