Coinbase and Circle shares experienced significant increases after US lawmakers pushed forward the GENIUS Act, aimed at establishing clearer regulations for stablecoins. Coinbase's stock rose 16.32% to $295.29, while Circle's shares surged 33.82% to $199.59, following the Senate's 68-30 vote on the bill. This development is viewed as a positive sign for the cryptocurrency industry, especially as it could lead to a regulatory framework that supports stablecoins. President Trump urged for the quick signing of the GENIUS Act, emphasizing its importance. Notably, Circle, the issuer of USDC, stands to gain as its revenue is largely derived from interest on the reserves for USDC. The market is slowly acknowledging Coinbase’s strong financial ties to Circle, indicating a potential bullish trend ahead. However, some analysts remain cautious, predicting that certain companies may be overvalued, which could lead to failures in the market. Overall, the passage of the GENIUS Act has sparked optimism among investors and crypto enthusiasts alike.

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