Coinbase shares rise 12.16% as CFTC proposes crypto rules

Coinbase shares were up 12.16% at $195.12 at the time of publication on Friday. Bitcoin also rose and cleared $80,000. The CFTC proposed rules for crypto asset transactions and markets. The CFTC allowed providers classified as passive software to connect users with regulated products, including prediction markets, without registering as brokers. Those providers cannot handle customer funds. Those providers also cannot influence how trades are executed. The CFTC framework remains valid until the agency adopts permanent rules. The SEC introduced a five-year pilot program for qualified trading platforms to offer blockchain versions of U.S.-listed equities. Tokenized shares must carry the same dividend payments as ordinary shares. Tokenized shares must also carry the same voting rights. Trading must stop when the underlying stock exchange pauses activity. Robinhood offers about 200 tokenized versions of U.S. stocks to customers in more than 120 countries. Robinhood does not currently offer that access to U.S. users. The SEC pilot could allow Robinhood to expand that offering to the United States. The CLARITY Act fell 11 votes short of the 60 needed to advance in Congress. Wyoming Sen. Cynthia Lummis indicated that the bill's effort was essentially dead. The CFTC and SEC appear to be advancing regulatory actions without comprehensive crypto legislation from Congress.