Coinbase and Circle stocks surge after Senate passes Genius Act
From Cointelegraph
June 18, 2025 10:39 PM:
Coinbase and Circle shares surged after US lawmakers supported clearer stablecoin regulation with the GENIUS Act. Coinbase closed up 16.32% at $295.29, while Circle rose 33.82% to $199.59. The Senate passed the GENIUS Act 68-30, signaling a positive step for the industry. President Trump and White House AI czar showed support. Circle, issuer of USDC, stands to benefit from the bill, with most revenue coming from interest on USDC reserves. Crypto trader Genco highlighted Coinbase’s stake in Circle. Coinbase’s stock surge hints that Wall Street is interested in crypto assets. Coinbase’s all-time high stock price was $357 in November 2021. Bitcoin’s current high is $111,970. Circle recently made a strong entry on the NYSE, with shares climbing 167% in its first trading session. Some believe this could lead to more stablecoin companies going public, while others warn of potential overvaluation and failure. BitMEX founder Arthur Hayes cautioned about the risks of new public stablecoin companies. Hayes also said that Circle’s stock price is “insanely overvalued.”
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Bitcoin reaches new all-time high of $62,000 as institutional interest grows. The cryptocurrency market cap hits $2 trillion for the first time. Tesla announces it will now accept Bitcoin as payment for its electric vehicles. PayPal launches crypto checkout service for US customers. Ethereum price surges to over $2,000.: Coinbase, Circle Stocks Surge After Genius Act Passed By Senate