Aaron Rennie
1 min read
In This Article:
Shares of Coinbase Global (COIN) surged 11% to lead S&P 500 gainers Wednesday afternoon, a day after the Senate passed the GENIUS Act to set up federal boundaries for the use of stablecoins.
The legislation would open the door for use of stablecoins—cryptocurrencies whose value is tied to another currency or financial asset such as the U.S. dollar—by banks, fintech firms, retailers, and others. It was the first major legislation approved by Congress dealing with the digital currency industry.
Shares of USDC stablecoin issuer Circle Internet Group (CRCL) also soared on the news, jumping 20% in recent trading.
The bill now moves on to the House, which has its own version of stablecoin legislation called the STABLE Act, which has some differences from the GENIUS Act.
Coinbase shares were up just over 2% this year entering Wednesday's session.
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