Coinbase (COIN) and other crypto stocks surged on Thursday after a major bill that cements the crypto industry’s legal standing got one step closer to the finish line.

Coinbase Global stock rose as much as 9% on Thursday as the Senate Banking Committee pushed through the CLARITY Act with bipartisan support.

Other financial platforms that offer crypto, including Gemini Space Station (GEMI), Robinhood (HOOD), and SoFi (SOFI), climbed 6%, 5%, and 3%, respectively.

Heading into Thursday’s hearing, the bill was widely expected to pass through the Republican-led Senate Banking Committee. However, it wasn’t clear whether the legislation would garner support from any Democratic lawmakers.

Also known as the Digital…