Trump backs the GENIUS Act boosting Bitcoin

President Trump endorses the GENIUS Act, boosting cryptocurrency prices.

Trump backs GENIUS Act as Bitcoin and crypto stocks surge

President Donald Trump announced his expectation that the House will pass the GENIUS Act after overcoming resistance. This legislation aims to establish a framework for private companies to issue stablecoins, a type of cryptocurrency tied to traditional currencies. Following Trump's declaration on Truth Social, Bitcoin's price rose past $119,000, while shares of major crypto firms, including Circle and Coinbase, also saw significant gains. This comes after a previous setback where the Act faced opposition from within the Republican party. Trump reported that he successfully persuaded key lawmakers to change their stance, setting the stage for a vote that may occur soon.

Trump's support for the GENIUS Act reflects his ongoing influence over Republican legislators and the cryptocurrency market. This action not only revives the prospects for stablecoins but also signals a potential shift in regulatory attitudes towards digital currencies. With major firms like JPMorgan eyeing the stablecoin sector, the successful passage of this legislation could redefine how cryptocurrencies function within the broader financial landscape. The quick rebound in Bitcoin and crypto stocks showcases the sensitivity of the market to political developments, marking a notable intersection of finance and politics.

Highlights

The coming days will be pivotal for the future of cryptocurrency regulation as lawmakers prepare for the vote.