Shares in cryptocurrency exchange Coinbase soared to an unprecedented $436 after the US House of Representatives successfully passed the GENIUS and CLARITY Acts, legislation designed to establish regulatory clarity for digital assets.
The bipartisan GENIUS Act creates a regulatory framework specifically for stablecoins pegged to fiat currencies. The CLARITY Act addresses industry uncertainty by defining distinct oversight roles for the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regarding digital assets.
This legislative progress triggered a broader positive reaction across crypto-linked equities. Trading platforms notably gained, with Robinhood seeing an uptick, while major miners Riot Blockchain and Marathon Digital Holdings also experienced rising valuations.
The passage is widely viewed within the industry as a crucial step towards reducing regulatory ambiguity and potentially accelerating institutional participation. The two bills now await final approval.
Should they be enacted, the new regulatory structure is expected to further solidify Coinbase’s market position and potentially catalyze innovation across the broader cryptocurrency sector.