Cryptocurrency companies on the stock market shot on Wednesday at Wall Street in the heat of the approval of the Genius law (guide and establish national innovation in “stablcoins” in the US) in the United States Senate.
The “Exchange” Coinbase Raised more than one 16%, which allowed him to extend his quarterly rally above the 50%. As to Circlethe issuer of USD Coin (USDC), Their actions rose even more: a 33.8%. The action multiplied by six its value from its IPO price.
What is the genius law of cryptocurrencies?
The Genius Law seeks to regulate the “stablecoins” issued in the United Statesensuring that they are properly backed by US dollars or similar liquid assets. It also requires annual audits to emitters with more than U $50,000 million In market capitalization and includes additional provisions to foreign issuing.
It is about First important crypto bill approved by the Senateand also the first time that a standard on “stablcoins” passes through any of the cameras.
After approval in the upper house, the law revolves to the House of Representatives To be voted in the coming weeks. However, the approval is not assured, since the Republicans have a minimum majority over the Democrats. The strong bipartisan support in the Senate seems to be a positive signal for the law.
“History is being made as the United States Senate approves the genius law, approaching one more step to the promulgation of innovative legislation that will promote the economic and national competitiveness of the United States during the next decades,” he said Jeremy AllaireCEO and Circle co -founder, on the social network X (former Twitter).
For its part, the president of the United States, Donald Trumphe stressed that This law “will make the United States the undisputed leader into digital assets”. “Nobody will do it better, it is pure genius! Digital assets are the future, and our nation will dominate them. We are talking about an investment and great innovation. I hope the camera acts at the speed of the lightning and approves a ‘clean’ version of the genius law. That I reach my desk as soon as possible, without delay and without addition. This is the American brilliance in its maximum expression, and we will show the world. With digital assets as never before, “he wrote on his profile on the social network Truth Social.
What are the stablcoins?
The “stablecoins” are a type of cryptocurrency that aims to maintain stable value by linking its market value to an external reference, such as a fiduciary currency or a raw material. The main objective of these digital assets is to offer an alternative to the high volatility of popular cryptocurrencies, which can make these digital assets less suitable for usual transactions.
It should be remembered that USDC It is the second largest “stablecoin” in the market, with a capitalization that exceeds 60 billion dollars. The main income of Circle It comes from your reserves: profits generated by cash that supports USDC in circulation.
For his part, the Secretary of the Treasury, Scott Besenthe said that the approval of the approval of these laws could shoot the capitalization of the “stablecoins” market to the two billion dollars in the next three years.
Source: Ambito
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