‘Stablecoin summer’ as Coinbase, Circle stocks surge on new legislation

Crypto entrepreneur Anthony Pompliano says Coinbase’s stock surge indicates that “Wall Street wants Bitcoin and crypto assets.”

Coinbase and Circle shares surged Wednesday after US lawmakers signaled support for clearer stablecoin regulation by pushing through the GENIUS Act for House approval.

On Wednesday, Coinbase (COIN), listed on the Nasdaq, closed the trading day up 16.32% to $295.29, while Circle (CRCL), listed on the NYSE, rose 33.82% to close at $199.59, according to Google Finance data.

The rally followed Tuesday’s 68-30 Senate vote in favor of the GENIUS Act, passed just six weeks after it was introduced by Tennessee Senator Bill Hagerty. 

Read more