Shares in Coinbase and Circle surged on Wednesday after U.S. lawmakers pushed for the Genius Act to support clearer stability regulations.
On Wednesday, Coinbase (Coin), listed on Nasdaq, rose 16.32% to $295.29 on trading, while Circle (CRCL) listed on the New York Stock Exchange, rose 33.82% to close $199.59, $199.59, 2009. according to Conduct Google-funded data.
Genius Law is a bullish signal for the entire cryptocurrency industry
Rally follows Tuesday’s 68-30 Senate vote Approve of the genius lawIt passed just six weeks after Tennessee Senator Bill Hagerty introduced it.
Many in the cryptocurrency market see this as a bullish signal for the industry, marking an important step in creating a regulatory framework for the development of stabilizers.
US President Donald Trump explain In Thursday’s Truth Society post, genius acts “take genius acts as soon as possible” to his desk, while White House AI and Crypto Tsar David Sachs Thanks Trump delivered his “promise to make the United States the crypto capital of the planet.”
Circle, the issuer of USDC (USDC) – The second largest stablecoin by market capitalization – will benefit from the bill as much of its revenue comes from interest earned in the reserves that support USDC and co-founded it Cooperate with Coinbase in October 2018.
Crypto trader Genco after stock surge explain The market is “slowly finding that Coinbase receives 50% of the $CRCL revenue received from USDC (USDC) (and 100% of the revenue on Coinbase Platform (and) equity.”
Circle’s stock surge is “Talk in Towns”
“It’s a stable summer,” Gonko acknowledged the “Genius Act” passed by the Senate. “This will be the most obvious work in retrospect.” crypto analyst Tylerd additional“CRCL is the topic of town.”
Meanwhile, crypto entrepreneur Anthony Pompliano tip To show that “Wall Street wants Bitcoin and crypto assets”, Coinbase’s stock surged.
Coinbase Stock’s all-time high price is $357, reaching Bitcoin (Bitcoin) at a wider crypto market rally in November 2021 (BTC) Priced at $69,000.
At the time of publication, Bitcoin’s current high price was $111,970, which reached on May 22.
Recent FUD for future Stablecoin public list
While Coinbase has been publicly listed since April 2021, Circle has only been publicly available for a few weeks.
On June 5, Circle strongly entered the New York Stock Exchange (NYSE), and its stock climbed 167% during the first transaction.
Related: Coinbase seeks SEC approval for “Token Stocks” – Report
Some crypto market participants believe this may be the beginning of a publicly open and stable company, but others are not sure it will go smoothly.
Bitmex founder Arthur Hayes on Monday Warn of most new public stablecoins The company will be overvalued and fail. Hayes also claimed that Circle’s share price was “overvalued”.
Magazine: Arthur Hayes doesn’t care when his Bitcoin prediction is completely wrong
This article does not contain investment advice or advice. Every investment and trading move involves risks and readers should conduct their own research when making decisions.
