On Wednesday, United States legislators passed the GENIUS Act and were approved by the House of Representatives, which was seen as a clearer regulatory support signal for a stable currency, and promptedCoinbaseStock prices rose sharply (on the market of NASDAQ) and Circle (on the market of New York House). According to Google finance data, the coinbase collections rose by 16.32 to $295.29, while the Circe significantly increased by 33.82 per cent and received $199.59.
GENIUS Act: The encryption industry's viewing of the signal.
On Tuesday, the Senate passed the GENIUS bill by a vote of 68 to 30, which was pushed forward only six weeks after Senator Bill Hagerty of Tennessee proposed. Many in the encrypted market view this as a sign of industry, marking an important step towards a stable currency regulatory framework. The President of the United States, Donald Trump, also posted on Truth Social, expressing the hope that the GENIUS bill would be sent to his desk as soon as possible, and that the White House's AI and encryption chief, David Sachs, would thank Trump for his commitment to make the United States a global encrypted currency centre.
Circle benefited from the passage of the bill.
As the issuer of the second-largest-stabilized USDC market value, Circle expected to benefit greatly from the bill, as most of its revenues were derived from interest earned on supporting the USDC reserve. According to encryption dealer Genco, the market “is gradually finding out that Coinbase has received 50 per cent of the revenues from USDC and that all USDC revenues and shares on the Coinbase platform”.
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Encryption analyst Anthony Popliano pointed out that the sharp rise in Coinbase stocks indicated “Wall Street's desire for bitcoin and encrypted assets”. It is noteworthy that the highest point in the history of Bitcoin reached $111,970, which was established on 22 May.