Coinbase Global Inc (NASDAQ:COIN) and Robinhood Markets Inc (NASDAQ:HOOD) slumped on Thursday as fresh turmoil around a long-awaited U.S. crypto market-structure bill rattled investors.

Here’s what investors need to know.

Coinbase, Robinhood Stocks Drop After Armstrong Blasts Draft Bill

Thursday’s sell-off followed Coinbase CEO Brian Armstrong’s announcement that the exchange can no longer support the latest Senate Banking Committee draft.

In a post on X, Armstrong warned the bill would effectively ban tokenized equities, impose sweeping DeFi surveillance, erode the CFTC’s authority in favor of the SEC and “kill” rewards on stablecoins, arguing that no bill is better than what he called…

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