Shares of USDC stablecoin issuer Circle surged 33% following the passing of the GENIUS Bill in the US Senate and President Trump urging lawmakers to move quickly on it.
Passage of the GENIUS Bill in the Senate
The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act received overwhelming bipartisan support in the US Senate. This landmark bill is the first crypto-focused legislation to pass through the Senate and is now heading to the House of Representatives.
Trump's Reaction and Support for the Bill
President Trump urged lawmakers to get the GENIUS Bill to his desk 'ASAP - NO DELAYS, NO ADD ONS' in a post on his Truth Social platform. He stated, 'The Senate just passed an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets.'
Political Landscape in the House of Representatives
Republicans hold a slight majority over Democrats in the House. Recent data shows 213 Democrats and 220 Republicans. Despite opposition from vocal critics like Elizabeth Warren, many Democrats recognize that doing nothing is not an option. Senator Cynthia Lummis expressed optimism about the bill's potential to foster a welcoming environment for digital asset companies.
The situation surrounding the GENIUS Bill is evolving, and given the growing support, it may receive approval in the House, which would be pivotal for the US stablecoin industry.
