Coinbase (COIN), Robinhood (HOOD) Tumble As Senate Crypto Bill Stalls: What It Means For Both Stocks
Coinbase Global Inc (NASDAQ:COIN) and Robinhood Markets Inc (NASDAQ:HOOD) slumped on Thursday as fresh turmoil around a long-awaited U.S. crypto market-structure bill rattled investors.
Here’s what investors need to know.
- Robinhood Markets shares are consolidating. What’s ahead for HOOD stock?
Coinbase, Robinhood Stocks Drop After Armstrong Blasts Draft Bill
Thursday’s sell-off followed Coinbase CEO Brian Armstrong’s announcement that the exchange can no longer support the latest Senate Banking Committee draft.
In a post on X, Armstrong warned the bill would effectively ban tokenized equities, impose sweeping DeFi surveillance, erode the CFTC’s authority in favor of the SEC and “kill” rewards on stablecoins, arguing that no bill is better than what he called a materially worse status quo.
Senate Delay Fuels Uncertainty Around Crypto Regulation
Hours later, Committee Chair Sen. Tim Scott said markup of the legislation would be put on hold for a “brief pause,” even as he insisted all sides remain at the table.
Sen. Cynthia Lummis called industry pushback “deeply disappointing,” while investor David Sacks and Galaxy Digital CEO Mike Novogratz urged …
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