Crypto Stocks Rebound as Bitcoin Reclaims $80,000 and US Regulators Press Ahead
Key Takeaways
- •Strategy led Friday's rebound with a gain of more than 13%, while Coinbase and American Bitcoin each climbed about 11% and Robinhood rose nearly 9%.
- •The rally reversed a selloff triggered by the Senate's failure to advance the CLARITY Act on Sept. 15, leaving digital asset oversight split between the SEC and CFTC under existing rules.
- •Bitcoin rose about 5% over the past 24 hours, climbing back above $80,000 to trade around $80,800.
- •The CFTC provided no-action relief to passive trading software providers, while the SEC temporarily eased requirements for platforms facilitating onchain trading of tokenized securities.
- •The CFTC submitted a crypto market regulation plan for White House review, though the prerule filing does not disclose details of the planned regulation.
Crypto-linked stocks rebounded sharply on Friday, reversing losses from earlier in the week after the United States Senate failed to advance the CLARITY Act, as Bitcoin climbed back above $80,000.
Strategy (formerly MicroStrategy), the largest corporate holder of Bitcoin, led the gains, rising more than 13%, while Coinbase and American Bitcoin climbed about 11% each. Robinhood gained nearly 9%, according to Yahoo Finance data. The swings across the week underscore how closely crypto-linked equities have tracked Bitcoin's price alongside headlines from Washington.
The rally extended across other crypto-linked equities, with Circle, Strive and Bitcoin miner Riot Platforms all gaining between about 5% and 7%. Bitcoin (BTC) was also up about 5% over the past 24 hours, trading around $80,800 at the time of writing, according to CoinGecko.
The rebound followed a sharp selloff in the wake of the Senate's Sept. 15 failure to advance the CLARITY Act, a market-structure bill that would divide digital asset oversight between the SEC and the CFTC. Coinbase and Circle dropped about 10% following the vote, while Strategy and Strive fell about 5% and American Bitcoin declined roughly 8%. Because the bill did not advance, oversight of digital asset markets remains split between the two agencies under existing rules.
Since the vote, US regulators have begun advancing crypto-related actions under their existing authority. Thursday brought moves from both agencies: the CFTC provided no-action relief to passive trading software providers, while the SEC temporarily eased requirements for certain platforms facilitating onchain trading of tokenized securities. The steps show both agencies adjusting policy for specific market segments while Congress's market-structure effort remains stalled.
The CFTC also submitted a crypto market action for White House review, though the “prerule” filing does not disclose details of the planned regulation. With the CLARITY Act's fate in Congress unresolved, the contents of the CFTC's plan once it emerges from review — and any renewed push on the bill — stand out as the next developments to watch for the sector.
