#CryptoStocks Crypto stocks are surging after President Trump demanded swift passage of the GENIUS Act, a stablecoin bill that aims to establish a federal regulatory framework for stablecoin issuance and trading in the US. The bill passed the Senate with a bipartisan 68-30 vote, prompting Trump to urge the House to pass it "lightning fast" without amendments.¹ ²

*Key Developments:*

- *Stock Performance:*

- *Coinbase*: jumped 16.32% following the Senate's approval

- *Circle*: surged 33.82%, with its stock price climbing another 6% in after-hours trading

- *GENIUS Act:*

- Establishes guidelines for stablecoin issuers, requiring them to be fully backed by US dollars or liquid assets

- Mandates annual audits for issuers with a market capitalization over $50 billion

- Sets regulatory structure for dollar-pegged cryptocurrencies

- *House Dynamics:*

- Faces divisions over passing the bill alone or combining it with other crypto legislation

- Republicans hold a small majority, which could influence the bill's passage

- *Concerns:*

- Critics raise concerns about Trump family conflicts of interest in digital assets and potential foreign influence

- Democrats, like Elizabeth Warren, oppose the Act, while others support it as a necessary step.