Coinbase, Robinhood surge to record highs on crypto sector momentum

Shares of crypto exchange Coinbase COIN.O and retail trading platform Robinhood HOOD.O, which offers trading in crypto tokens, hit record highs

U.S. House of Representatives on Thursday passed bill to create regulatory framework for U.S.-dollar-pegged tokens known as stablecoins, sending bill to President Donald Trump, who is expected to sign it into law

Clear regulatory framework for stablecoins would boost confidence in sector and benefit COIN, which sits at center of crypto trading and custody

Crypto tokens have rallied in recent weeks on hopes that clearer U.S. policy and regulation will unlock fresh demand from institutions and retail investors

Bitcoin BTC= is up ~39% over past three months, while ether ETH= has gained ~124%

Total market value of crypto sector is almost $4 trillion, according to CoinGecko data

Riding broader rally, Coinbase shares have jumped ~74% this year, lifting its market value above $100 billion

Rival Robinhood's stock has surged ~200% year-to-date, putting it close to $100 billion market cap milestone

Equities benchmark S&P 500 .SPX up ~7% over same period