To the moon, together (Getty Images)

Coinbase, Robinhood reach record highs following crypto legislation passage

The House passed two crypto legislative bills focused on stablecoins and market structure oversight yesterday, one of which will be signed into law on Friday.

Sage D. Young

7/18/25 12:25PM

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.

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Ripple launches treasury platform to manage cash and cryptocurrencies

Ripple, the firm closely tied to the fifth-largest cryptocurrency, XRP, introduced a new treasury platform for digital asset and traditional cash management for users like financial officers, treasurers, and accountants.

Ripple’s move comes more than three months after it acquired treasury software provider GTreasury for $1 billion, one of several steps to grow the firm’s position in corporate finance.

Combining Ripple’s blockchain rails and GTreasury’s software, the new platform’s goal is to simplify treasury operations. It eliminates settlement delays with payment times of three to five seconds and optimizes yield from working capital 24/7 through tokenized money market funds such as BlackRock’s BUIDL and overnight secure repo markets with RLUSD, according to a Tuesday blog post.

Ripple Treasury also aims to provide “real-time cash positions, automated forecasting, and seamless reporting across traditional cash, digital assets, RLUSD, and XRP holdings,” the blog post stated.

Last year, Ripple filed its national banking license application with the US Office of the Comptroller of the Currency, while the firm’s subsidiary Standard Custody & Trust Company applied for a Federal Reserve master account, which would allow Ripple to hold RLUSD reserves directly with the Fed.

XRP has seen $2.4 billion in trading volume in the last 24 hours, increasing 1.8% in the period. The token’s all-time high was set in July 2025 at $3.65. Meanwhile, spot XRP ETFs had nearly $9.2 million worth of inflows on Tuesday, bringing cumulative inflows to $1.4 billion.

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