Coinbase, strategy lead losses as Trump’s bill underdelivers on crypto taxation

Crypto-related stocks like Coinbase and Strategy Inc. Faced significant losses during Wednesday’s pre-market trading. Coinbase stock fell greater than 15%, reflecting investor concerns following the recent budget bill’s passage, while Strategy, heavily invested in Bitcoin, saw its shares drop beyond 30%.

The failure to include vital crypto provisions in Trump’s tax and spending bill, along with critiques of the GENIUS stablecoin initiative for insufficient consumer protections, contributed to negative market sentiment and disappointment within the crypto industry.