#GENIUSActPass The shares of Circle rose 53%, soaring from $148 to $227, since the market opened on Wednesday, after the legislation was approved in the Senate on Tuesday night. Shares of other cryptocurrency-related companies increased with the news, with Coinbase, the leading cryptocurrency exchange in the US, gaining 20% since Wednesday.

The legislation, known as the GENIUS Act, is a groundbreaking bill that would establish regulations and consumer protections for stablecoin companies, including full backing in reserves, monthly audits, and compliance with anti-money laundering.