Coinbase leads crypto stocks higher after Trump signals support for digital asset market structure bill
Shares of Coinbase and other cryptocurrency companies saw a significant surge on Wednesday following President Donald Trump’s vocal support for the industry’s battle against U.S. banks over yield-bearing stablecoins. This added momentum to the firms, which were already benefiting from the bounce in bitcoin prices.
Coinbase’s stock rose by more than 12%, while other digital asset firms like Strategy and Circle experienced jumps of 9% and nearly 6%, respectively. On the other hand, shares of traditional banks like JPMorgan Chase and Bank of America saw a minor decrease of less than 1%.
In a social media post late Tuesday, Trump expressed his concern over the Banks undermining the Genius Act and threatening the Crypto Industry. He emphasized the importance of reaching a favorable agreement with the crypto industry for the benefit of the American people.
The issue of allowing firms to issue dollar-pegged digital tokens that offer interest-like returns has been a point of contention in the Clarity Act, a market structure bill for the crypto industry in the U.S. Congress.
The cryptocurrency market also received a boost as bitcoin and ether prices surged by 5% and 6% respectively on Wednesday.
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