Coinbase and Circle shares experienced significant gains after the U.S. Senate voted 68-30 in favor of the GENIUS Act, which aims to create a clearer regulatory framework for stablecoins. Coinbase's stock closed up 16.32% at $295.29, while Circle's stock rose 33.82% to $199.59. The GENIUS Act, introduced by Senator Bill Hagerty, has been perceived as a bullish sign for the entire crypto industry, with many believing it will facilitate better regulations for stablecoins. U.S. President Donald Trump expressed his support for the bill, emphasizing the importance of making the U.S. a leader in the crypto space. Both companies could benefit significantly from this congressional endorsement, particularly Circle, as most of its revenue is generated from interest on reserves backing its stablecoin, USDC. Crypto entrepreneur Anthony Pompliano noted that Wall Street's interest in Coinbase's stock reflects a growing appetite for Bitcoin and crypto assets. This development comes amid discussions about the potential of more stablecoin companies going public, although skepticism remains regarding valuations in the market.

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