Coinbase, Circle, SRM lead stock rally as Trump cheers GENIUS Act in another dream week for crypto
It was another dream week for the crypto world. Here’s what happened.
A few days back, the Senate passed a bill that would establish a federal framework for dollar-backed cryptocurrencies known as stablecoins.
While this bill, known as the GENIUS Act, still needs approval from the House and President Trump, its swift progress has already been lauded by the crypto industry as a major step toward opening the doors for stablecoins to be used more widely in traditional financial services.
Shares of Circle (CRCL), issuer of the world’s second-largest stablecoin (USDC), closed Friday with an 80% gain through the week. In total, the stock is up roughly eight times its initial June 5 IPO price.
Major US crypto exchange and…
