Crypto stocks rally as the market shrugs off the Senate's rejection of the Clarity Act, with investors pivoting focus toward the Federal Reserve's upcoming policy decision.
Coinbase stock rose 1% after the Senate rejected the Clarity Act, suggesting the defeat was already priced in.
Bitcoin traded lower as the Senate's rejection of the Clarity Act landed directly on the token.
Strategy stock drifted higher by 1% as its Bitcoin-linked balance sheet was unaffected by the failed vote.
Robinhood stock rose 0.57% due to its diversified revenue mix cushioning the regulatory blow.
The iShares Bitcoin Trust ETF slipped 0.2% as Bitcoin absorbed the regulatory hit.
The SPDR S&P 500 ETF Trust gained 0.35%, tracking the broader market higher.
Crypto-linked stocks including Coinbase, MicroStrategy, and Robinhood climbed Wednesday, signaling that the Senate's rejection of the Clarity Act was already priced in by markets. While Bitcoin and the IBIT ETF slipped following the legislative defeat, broader equities tracked the S&P 500 higher as investors shifted focus toward upcoming Federal Reserve policy decisions.
The market had already priced in the defeat during Tuesday's selloff, and Coinbase continues to operate under existing SEC enforcement frameworks, meaning the legislative failure did not fundamentally alter its business model.