Coinbase, Robinhood reach record highs following crypto legislation passage

Following the US House of Representatives passing legislation aimed at bringing regulatory clarity to the blockchain industry, shares of crypto heavyweights soared to new all-time highs as the asset class itself surpassed a $4 trillion market cap for the first time. 

Coinbase, the largest US exchange, jumped as much as 8.2% early on Friday to a record high of $444, giving the company a market capitalization of more than $100 billion. Earlier this week, the firm announced the rebrand of Coinbase Wallet into the “Base App,” a singular platform combining finance, social networking, and decentralized applications. 

Robinhood, which also allows its customers to trade crypto, also saw a boost and hit a new all-time high of over $113 early Friday morning, and remains up 3% on the day and up 180% this year.

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company.)

The price climb comes as the House passed both the GENIUS Act, focused on stablecoin regulations, and the CLARITY Act, directed at establishing a framework for digital asset markets.

President Trump is expected to sign the GENIUS ACT in a 2:30 p.m. ET ceremony, while the CLARITY Act now advances to the Senate. 

With Coinbase recording a new all-time high, Artemis data scientist Andrew Van Aken told Sherwood News, “Interest in crypto is certainly increasing.” He continued, “While COIN trading volumes are below all-time highs, stablecoin supply continues to increase, GENIUS and CLARITY acts seem poised to be signed into law, and treasury companies continue to be announced.” 

The technology behind the second-largest stablecoin, USDC, was jointly developed by Coinbase and Circle. In the first three months of 2025, Coinbase generated more than $297.5 million in stablecoin revenue, according to its 10-Q report.