This week, the cryptocurrency market saw positive changes following the successful passage of three bills in the US Congress, drawing interest to company stocks in the sector.
Passage of Bills in Congress
The CLARITY, GENIUS, and Anti-CBDC Surveillance State bills were approved by the US House of Representatives after a 10-hour voting session. The CLARITY Act passed with a vote of 294 to 134, with 78 Democrats supporting the initiative, a significant number. The main goal of the bill is to establish clear definitions for crypto regulation in the country.
Company Reactions to Bills
Stocks of companies in the cryptocurrency market, such as MSTR, COIN, and CRCL, have become a focal point. Shares of Strategy (MSTR) fell by 4.7% in the last 24 hours, but according to forecasts by TD Cowen, the price target has been increased to $680. Circle (CRCL) benefits from the new stablecoin legislation, allowing their shares to rise by 4% early in the week. Coinbase (COIN) also showed a more than 3% increase following the passage of the Anti-CBDC bill.
The Future of Cryptocurrency in Light of New Laws
The adoption of new bills may lead to increased demand for cryptocurrencies and improve the financial climate for investment. The Anti-CBDC bill aims to preserve the role of private cryptocurrencies and stablecoins as alternatives to central bank digital currencies, potentially enhancing their attractiveness among investors and users.
The enacted bills create new conditions for cryptocurrency regulation in the US and may facilitate the further development of this sector, which is also reflected in the dynamics of stocks of relevant companies.
