Crypto Stocks Surge as Senate Passes Stablecoin BillU.S. crypto stocks soared after the Senate passed the GENIUS Act, establishing a federal framework for dollar-backed stablecoins. Circle (CRCL), issuer of USDC, saw shares rally 33% post-IPO, hitting $199.59, a 400% surge since its June 5 debut. Coinbase (COIN) jumped 11.3%, driven by increased trading amid inflation fears and Bitcoin’s rise to $105,723.29. Lion Group (LGHL) relaunched crypto operations, boosting digital asset access. Analysts at KBW note stablecoin adoption could lift major cryptocurrencies like Bitcoin. However, volatility remains a concern, with smaller firms risking losses if crypto prices crash, as seen with GameStop’s 10% drop after a Bitcoin purchase.
