- Circle (CRCL) jumped 22% after the House moved forward on major crypto legislation, including stablecoin and anti-CBDC bills.
- The GENIUS Act aims to legitimize stablecoins like USDC as mainstream payment tools across the U.S. economy.
- While Republicans back the bills, final passage depends on some Democratic support—Trump is expected to sign if approved.
Circle’s stock just popped off. CRCL surged nearly 22% on Wednesday after the U.S. House of Representatives decided to move forward on a bundle of crypto-related bills. It’s a big shift from Tuesday, where everything kinda stalled. The vote—215 to 211—puts three key Republican-led bills back in play, covering stablecoin rules, broader market structure for crypto, and a block on developing a central bank digital currency (CBDC).
Coinbase (COIN) got a boost too, riding the momentum. Both stocks had slumped hard the day before—Circle dropped about 10 points, Coinbase lost around 6. But now they’re back in green territory. Meanwhile, Bitcoin’s flirting with $120K (yep, you read that right), and Ethereum’s above $3,300 again—even though the bills still haven’t officially passed.
What’s In the Bills, Anyway?
The main proposal? It’s all about setting up a real rulebook for stablecoins—like USDC—that are pegged to fiat currencies. The goal is to make them legit payment tools, not just niche crypto things. They’re calling it the GENIUS Act (bit of a stretch name-wise, but sure), and it’s part of a larger legislative push this week—aka “Crypto Week”—that the White House is kinda sorta supporting.
Also read: Bank of America Might Drop Its Own Stablecoin Soon
Even with all the hype, not everyone’s loving it. Smaller banks are nervous—it might lead to people pulling cash out of traditional accounts. That could mess with credit access and hurt local lending. Bigger banks though? They’re getting ready to play ball. JPMorgan, BoA, others—they’re reportedly already planning their own stablecoin rollouts if this thing gets the green light.
Politics Still Playing the Waiting Game
Now, while Republicans are mostly onboard, they’re not working with a huge margin. They’ll need a few Democrats to cross over if they want this to pass the full chamber. And honestly, that’s still a maybe. But if it does clear both chambers, President Trump’s expected to sign it without much fuss.
This might be a turning point for crypto in the U.S., or just another one of those headline weeks. Either way, markets are watching—and reacting—like it matters.
