Robinhood (HOOD) stock surged 5.02% in intraday trading, reaching new highs as investors reacted positively to news of potential crypto-friendly legislation. The rally came as House Financial Services Committee Chairman Rep. French Hill announced that the House now has the votes to advance three bills related to cryptocurrency regulation.

The proposed legislation includes the GENIUS Act, which aims to create a regulatory framework for stablecoins, the Digital Asset Market Clarity Act of 2025, and the Anti-CBDC Surveillance State Act. These bills are seen as potentially beneficial for companies involved in cryptocurrency trading, such as Robinhood, which has been expanding its crypto offerings.

Robinhood's stock movement was part of a broader rally among crypto-related stocks, with companies like GameSquare, Circle, and Coinbase also seeing significant gains. The positive sentiment surrounding these regulatory developments highlights the growing importance of cryptocurrency in Robinhood's business model and its potential for future growth in the digital asset space.