The crypto world is buzzing with excitement. The Senate just passed a new law called the GENIUS Act. This law is all about setting rules for stablecoins. Stablecoins are a type of cryptocurrency that tries to keep its value steady, unlike other cryptocurrencies that can be very volatile. They are backed by real money or other safe assets. This new law could make stablecoins more popular and easier to use.

Coinbase, the biggest crypto exchange in the US, saw its stock price jump by 17% on Wednesday. This was a big deal because it showed that investors are excited about the future of crypto. The stock price went up to $297. 44 before it settled a bit. This boost means that Coinbase's stock has gone up by 20% since the start of the year. Circle, a company that issues stablecoins, also saw its stock price rise by 34%.

Stablecoins are a big part of Coinbase's business. They are the second-largest source of revenue for the company, right after crypto trading. Coinbase is also a co-founder of USDC, a popular stablecoin. This means that any changes in the stablecoin market can have a big impact on Coinbase.

Circle, the company behind USDC, had a big moment when it started trading on the New York Stock Exchange. Its stock price went up by as much as 238% on its first day of trading. Even though the excitement has calmed down a bit, Circle's stock is still up by almost 120% in the past month. The news about the GENIUS Act gave Circle's stock another boost, this time by 20%.

The success of Circle's IPO shows that Wall Street is starting to take crypto more seriously. Even people who have been critical of crypto in the past are starting to see its potential. Jamie Dimon, the CEO of JPMorgan, has been a big critic of crypto. But this week, JPMorgan announced that it will launch its own stablecoin-like token for big investors. This move shows that even traditional banks are starting to see the value in crypto.

The GENIUS Act is not the only thing driving the crypto wave. The president's family has also shown support for stablecoins. They backed a digital asset firm that launched its own stablecoin earlier this year. This support from the top could help stablecoins become even more mainstream.

But it's not all smooth sailing for the crypto world. There are still many challenges and uncertainties. The future of crypto will depend on how these challenges are addressed. But for now, the crypto wave is strong, and it's being fueled by new laws and growing support.

CRYPTO MARKET MOMENTUM

Crypto Wave: How New Laws Boosted Coinbase and Circle

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