Shares of Circle and Coinbase rise after the US Senate has passed a historical law on StableCoins
The cryptoma markets welcomed an important political breakthrough this week when the US Senate adopted the Genius Act, a draft law to regulate stable coins across the country.
The legislative success made the shares of Circle and Coinbase skyrocket and thus signaled the re -gained trust of investors into the future regulatory route for companies in the field of digital assets.
With strong support from both parties, the “Guiding and Establishing National Innovation for Us StableCoins Act” was adopted by Senate with 68 to 30 votes. The draft law sets a comprehensive framework for stable coin issuers and prescribes complete asset reserves, monthly disclosure reports and annual exams for companies with a market capitalization of over $ 50 billion.
After the vote, Circle's share, the USDC issuer, rose by 33.82% and closed the day at $ 199. The company only went to the stock exchange at the beginning of this month at $ 31 per share. Meanwhile, the coin base share increased by 16.32% to $ 295.29, carried by the confidence that more regulatory clarity will benefit the leading US crypto platforms.
Senator Cynthia Lummis, a loud advocate of digital assets, greeted the adoption of the law as a crucial moment. “Today we are one step closer to becoming a welcome home for companies in the field of digital assets,” she said, and asked the legislators to continue the dynamics through more comprehensive reforms of the market structure.
Although the Genius Act has overcome the Senate's hurdle, it still has to be approved by the House of Representatives before it can be signed by President Donald Trump. If it is adopted, the draft law would be the most significant federal legislation for margins and could shape the future of over $ 150 billion industry.
