Stablecoin Bill Sends Coinbase and Circle Shares Soaring
It was a big day for crypto companies in Washington. Shares of Coinbase and Circle jumped sharply after the Senate passed a bill that could finally bring some clarity to stablecoin regulation. The vote wasn’t even close—68 to 30—with both parties backing it. That’s rare these days.
The so-called GENIUS Act (though the name feels a bit forced, honestly) would set rules for stablecoin issuers. They’d need full reserves to back their tokens, disclose those reserves monthly, and get audited yearly if they hit $50 billion in market cap. No more shady promises or vague assurances.
Why This Matters
For years, stablecoins have existed in a gray area. Some lawmakers called them a risk to the financial system. Others saw them as essential for crypto markets. This bill, if it becomes law, might settle some of that debate.
Wyoming Senator Cynthia Lummis, who’s been vocal about crypto regulation, called it a step toward making the U.S. a “welcoming home” for digital asset firms. She’s not wrong. But the House still needs to pass its version, and then it’s up to the president. Nothing’s guaranteed.
Market Reaction
Investors didn’t wait around to see what happens next. Circle’s stock shot up nearly 34%, closing at $199. That’s wild when you consider it went public earlier this month at $31. Coinbase, which has its own stablecoin ambitions, saw a 16% bump, ending the day just under $295.
Part of the excitement might be because Circle issues USDC, the second-largest stablecoin after Tether. Clearer rules could mean more trust—and more adoption. Or maybe traders just like certainty. Either way, the market’s betting this is a net positive.
But here’s the thing: the bill isn’t law yet. The House could tweak it, delay it, or even kill it. And even if it passes, nobody’s sure how strict the rules will be in practice. Still, for an industry that’s spent years waiting for direction, this feels like progress. Slow, messy progress—but progress.
