Trump’s Support for the GENIUS Act Lifts Bitcoin, Crypto Stocks After Minor Hiccup
Key Takeaways
- President Donald Trump said he expects the GENIUS Act to clear a key procedural hurdle Wednesday after the stablecoin bill ran into resistance a day earlier.
- The price of Bitcoin climbed above $119,000, and shares of crypto companies like Circle and Coinbase improved in recent trading.
- Trump said on Truth Social he convinced Republicans who voted with Democrats in blocking the bill to reverse their position.
- The GENIUS Act would create a framework for private companies to issue stablecoins, a type of crypto asset with its value tied to a traditional currency or other financial asset such as the U.S. dollar.
Bitcoin (BTCUSD) and other major cryptocurrencies traded higher Wednesday after President Donald Trump said he…
