#CryptoStocks Circle’s (CRCL) 34% surge to an all-time high after the U.S. Senate passed the GENIUS Act signals a mix of genuine investor demand and short-term hype. The GENIUS Act’s regulatory clarity for stablecoins, a $260 billion market, legitimizes digital assets, boosting confidence in crypto equities like Circle, whose USDC is a compliance-first stablecoin. Circle’s IPO, soaring from $31 to $199.59, reflects institutional appetite—ARK Investment’s $150 million stake underscores this. However, frenzied trading and 25x oversubscription suggest speculative froth, reminiscent of 2021’s crypto mania. Next likely IPOs include Ripple, leveraging its legal clarity post-SEC battle, and Kraken, eyeing public markets amid regulatory tailwinds. Coinbase could also acquire smaller players like Gemini to consolidate revenue streams. While regulatory progress drives real demand, valuations like Circle’s $48 billion market cap warrant caution—overvaluation risks loom if Federal Reserve rate cuts shrink reserve income.