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Trump's Support for the GENIUS Act Lifts Bitcoin, Crypto Stocks After Minor Hiccup

By Andrew Kessel

Published July 16, 2025

01:14 PM EDT



President Donald Trump expects the House to clear the Genius Act.

Anna Moneymaker / Staff / Getty Images

Key Takeaways

President Donald Trump said he expects the GENIUS Act to clear a key procedural hurdle Wednesday after the stablecoin bill ran into resistance a day earlier.

The price of Bitcoin climbed above $119,000, and shares of crypto companies like Circle and Coinbase improved in recent trading.

Trump said on Truth Social he convinced Republicans who voted with Democrats in blocking the bill to reverse their position.

The GENIUS Act would create a framework for private companies to issue stablecoins, a type of crypto asset with its value tied to a traditional currency or other financial asset such as the U.S. dollar.