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Leo Miller

Coinbase Stock Pops as Senate Passes GENIUS Stablecoin Bill

Coinbase United States Circle MarketBeat USDC

Exciting news just rose to the forefront for cryptocurrency stock Coinbase Global (NASDAQ: COIN). On June 18, shares of Coinbase surged 16%. The United States government took an important step that benefits the firm’s future. The U.S. Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. Passed in a commanding 68 to 30 vote, the bill establishes the first federal regulatory framework around stablecoin issuance.

Crypto industry lobbyists were big-time proponents of the bill. However, the bill still needs to pass in the House of Representatives. One might assume that the overwhelming support in the Senate will translate to the House, but the calculus is not so simple. Is Coinbase ready for success, or are investors too optimistic?

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