Coinbase Jumps Again and Silvergate and Hut 8 Mining Gain on Wednesday
Shares of Coinbase Global (NASDAQ: COIN) jumped on Wednesday after the Senate Agriculture committee put forward a bipartisan bill that would identify and classify "digital commodities" that would be overseen by the Commodities Futures Trading Commission (CFTC). After Coinbase was caught up in the Securities and Exchange Commission's (SEC) enforcement of cryptocurrencies, this was welcome news to the company and investors.
Coinbase stock jumped as much as 22.3% in trading on Wednesday after the bill was reported. Silvergate Capital (NYSE: SI) jumped 6.7% as well and could benefit from clearer regulation while Bitcoin miner Hut 8 Mining (NASDAQ: HUT) popped 12.4% today. The stocks were up 19.3%, 1.8%, and 9.4% respectively at 2:15 p.m. ET.
The crypto industry has been looking for regulatory guidelines given the grey area the industry currently operates in domestically and this may be a step in that direction. The CFTC has always been the preferred regulator in part because the SEC has been more hostile to cryptocurrencies.
Source Fool.com
