Senate sets Sept. 15 vote on crypto Clarity Act. Strategy jumps 12.7%, Coinbase 9.6%. AI rotation and legislative timeline drove the move, Clear Street analyst says.
Alpha Score of 35 reflects weak overall profile with weak momentum, weak value, poor quality, moderate sentiment.
Crypto stocks surged Wednesday after the Senate set a Sept. 15 procedural vote on the Digital Asset Market Clarity Act, giving the sector its clearest legislative timeline in months.
Strategy climbed 12.7% to $104.25, its best close since June 22 and the biggest single-day percentage gain since Feb. 6, according to Dow Jones Market Data. COIN stock page finished up 9.6% at $160.20, hitting an intraday high of $165.74. Circle's stock gained roughly 10%, and Bullish rose about 8%.
The move was not solely crypto sentiment. The rally coincided with a rotation out of AI stocks as traders booked profits after an extended run. "The reversal of the AI trade, and optimism from Senators Tim Scott and Cynthia Lummis, as well as from White House representative Patrick Witt," drove the gains, Clear Street analyst Owen Lau said.
Senate Banking Committee Chairman Tim Scott, speaking at the SALT conference in Jackson Hole, Wyoming, called the legislation a "really good shot" at passing the Senate in September. "There's no question about the fact that this will become law," Scott said.
Witt, executive director of the White House's Council of Advisors for Digital Assets, said negotiations are approaching a resolution. "We're down to kind of more of an A-B type of environment," he explained. "That's when you're at the point where a grand bargain can be had."
Unresolved items include rules on crypto rewards programs, DeFi protocol frameworks, and ethics provisions. Democrats have said they will not back the bill without strong ethics requirements. The administration has not publicly addressed a bipartisan ethics proposal from Senators Ruben Gallego and Thom Tillis.
The Clarity Act would establish federal guidelines for digital-asset exchange operations, making them harder for future administrations to overturn. That matters directly for Coinbase, Bullish, and any exchange facing a patchwork of state rules.
Bitcoin itself rose 6.4% to $68,681 in Wednesday afternoon trading.
Strategy shares have gained 11.7% in August but remain 31.4% below the start of the year. Coinbase is up 9.7% month-to-date and still down 29% year-to-date.
The Sept. 15 vote will test whether the bill commands the 60 votes needed to advance. No date has been set for a floor vote after that.
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