Coinbase Global Inc (CRYPTO: COIN) shares are climbing Friday after JPMorgan upgraded the stock from Neutral to Overweight and boosted its price target from $342 to $404.
COIN is among today’s top performers. See the market dynamics here.
What Happened: The upgrade comes amid heightened optimism around cryptocurrency regulation in the U.S.
On top of JPMorgan’s positive upgrade, Coinbase CEO Brian Armstrong expressed optimism Thursday about the future of cryptocurrency regulations, noting bipartisan support for market structure legislation. Armstrong stated on X that despite the government shutdown, momentum for the legislation is at an “all-time high.”
“I sat down with Senate Democrats and Republicans who want to get this done – we’re 90% there,” Armstrong said, adding that both sides are working to resolve the remaining 10%. The CEO indicated Coinbase is “bullish” on a bill passing by year-end and clearing Committee by Thanksgiving.
White House Crypto and AI Czar David Sacks echoed Armstrong’s sentiment, suggesting policymakers are in an excellent position to pass market structure legislation with bipartisan support this year.
The market structure bill, also called the CLARITY Act, proposes to split cryptocurrency regulation between the SEC and CFTC. The legislation passed the House and is being debated in the Senate. The GENIUS Act, which seeks to regulate dollar-pegged stablecoins, has already been signed into law.
However, scrutiny has intensified over President Donald Trump-backed cryptocurrency ventures and potential conflicts of interest. Democrat Senator Elizabeth Warren remains among the most outspoken opponents of the bills.
COIN Price Action: Coinbase shares were up 6.58%, sitting at $344.00 at the time of publication according to Benzinga Pro. Today, the stock’s been bouncing between a high of $350.35 and a low of $333.00. People are definitely trading, with volume hitting 6.2 million shares. Right now, it’s 21.5% below its 52-week high, but it’s trading 6.1% above its 50-day moving average.
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