Crypto prices rose on Wednesday as the market looked toward the possible passage of a landmark crypto bill in the US House of Representatives.
Halfway through crypto week, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act appears to have garnered enough support to pass. The news sparked momentum for many cryptos, as well as crypto-linked stocks.
Bitcoin jumped 2% around midday to trade close to $120,000, a level it hit for the first time ever on Monday. Ethereum was up 8%, trading at $3,288.
Circle stock spiked, with promising developments around the Genius Act particularly bullish for the stablecoin issuer. The stock was up as much as 17% to $228.88. Coinbase, the largest US crypto exchange, saw its stock jump as much as 4% to $403.45.
Despite 12 Republican lawmakers initially hesitating to vote in favor of the stablecoin bill, President Donald Trump said late Tuesday that they had changed their minds. In a Truth Social post, he said that eleven members of Congress had agreed to vote for the Genius Act to pass and would do so the following morning.
Trump has also said that House Speaker Mike Johnson “looks forward to taking the Vote as early as possible.”
The Genius Act would establish a federal regulatory framework for stablecoins, a type of crypto pegged to a fiat currency such as the US dollar. The latest burst of momentum for the bill has pushed up stocks with high stablecoin exposure, including Circle Internet Group and Coinbase Global.
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Two other crypto bills, the CLARITY Act and Anti-CBDC Surveillance State Act, are also expected to be voted on this week. The former would establish a regulatory framework for digital assets in the US, and the latter would prevent the Federal Reserve from issuing its own currency.
These bills haven’t progressed as quickly as the Genius Act. However, House Majority Leader Steve Scalise has stated that he expects Congress to vote on all three on Wednesday.
“We’re back on track. And exactly what the combination will be, we’re talking through that, but all three bills will be encompassed in the work we do today,” he said.
House Majority Whip Tom Emmer added that he believes all three bills will pass when they come to a vote, though the exact timing remains unclear.
“With Bitcoin approaching new all-time highs, we anticipate a confluence of factors driving renewed momentum in crypto,” stated James Wo, founder and CEO of Digital Finance Group.
“The combination of increasing regulatory clarity and favorable macroeconomic conditions could mark a pivotal moment for industry growth and mainstream adoption.”
