On Friday, crypto stocks like Coinbase (COIN) and Robinhood (HOOD) are losing their spark despite a major win in Washington. While the market celebrated the Senate vote that progressed the CLARITY Act on Thursday, the mood shifted today as investors remembered that the industry’s top leaders still have major concerns about the new law. Bitcoin (BTC-USD) dropped to $80,600 and Ethereum (ETH-USD) fell to $2,260, pulling these stocks down as the initial excitement faded.
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Investors Sell Shares after the Committee Win
Coinbase fell 1.6% and Robinhood dropped 2.3% in early trading because the market had already priced in the positive news. Many traders bought these stocks earlier in the week, and once the Senate Banking Committee officially moved the bill forward, those same traders sold to take their profits. This market behavior often causes a price drop right after a big event occurs. Analysts suggest the “real win” happened on Thursday when key Democrats voted for the bill, but that momentum has now stalled.
Brian Armstrong Remains a Vocal Critic
The CEO of Coinbase, Brian Armstrong, has not been a fan of the CLARITY Act for some time. He previously listed several major problems that could hurt the crypto industry if the bill becomes law in its current form. His list of concerns includes “restrictions on stablecoin yield payments” and “limits on tokenized equity instruments.”
He also remains worried about “DeFi surveillance provisions” that could change how people use decentralized finance. Because these flaws are still part of the conversation, investors are staying cautious about the company’s future.
Lawmakers Seek More Senate Support
The CLARITY Act still faces a tough climb because it needs a total of 60 votes to avoid a filibuster in the full Senate. Republicans currently need at least seven Democrats to join them to pass the law. One major sticking point involves a rule that would stop the Trump family from making money off their own crypto interests.
While some experts believe “Washington is now materially closer to passing legislation,” these unresolved political fights make investors worry that the final version of the bill could still change.
Is Coinbase Stock a Good Buy in 2026?
According to TipRanks data, the consensus is a Moderate Buy. This is based on 25 analyst ratings, which include 20 Buys, three Holds, and two Sells over the past three months.
Analysts assign an average 12-month COIN price target of $247, representing a 16.50% upside from the latest price.
