Crypto prices are jumping on hopes that Congress is about to mark a major legislative win for the market
Halfway through crypto week, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act appears to have garnered enough support to pass. The news sparked momentum for many cryptos, including Bitcoin, Ethereum and Solana, as well as crypto stocks Circle and Coinbase.
Bitcoin jumped 2% around midday, ethereum was up almost 7%, and Circle and Coinbase rallied 14% and 3%, respectively.
Despite 12 Republican lawmakers initially hesitating to vote in favor of the stablecoin bill, President Donald Trump said late Tuesday that they had changed their minds. In a Truth Social post, he said that eleven members of Congress had agreed to vote for the Genius Act to pass and would do so the following morning.
Trump has also said that House Speaker Mike Johnson "looks forward to taking the Vote as early as possible."
The Genius Act would establish a federal regulatory framework for stablecoins, a type of crypto pegged to a fiat currency such as the US dollar. The latest burst of momentum for the bill has pushed up stocks with high stablecoin exposure, including Circle Internet Group and Coinbase Global.
Two other crypto bills, the CLARITY Act and Anti-CBDC Surveillance State Act, are also expected to be voted on this week. The former would establish a regulatory framework for digital assets in the US, and the latter would prevent the Federal Reserve from issuing its own currency.
These bills haven't progressed as quickly as the Genius Act. However, House Majority Leader Steve Scalise has stated that he expects Congress to vote on all three on Wednesday.
"We're back on track. And exactly what the combination will be, we're talking through that, but all three bills will be encompassed in the work we do today," he said.
House Majority Whip Tom Emmer added that he believes all three bills will pass when they come to a vote, though the exact timing remains unclear.
"With Bitcoin approaching new all-time highs, we anticipate a confluence of factors driving renewed momentum in crypto," stated James Wo, founder and CEO of Digital Finance Group.
"The combination of increasing regulatory clarity and favorable macroeconomic conditions could mark a pivotal moment for industry growth and mainstream adoption."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Axios
10 minutes ago
- Axios
Trump comes for American lore with pop agenda
In his second term, President Trump is making a habit of taking action on topics plucked from America's popular imagination that had previously been non-existent in Washington's policy playbook. Why it matters: Trump's voracious appetite for generating attention and marketing his policies has bred ideas that inject the power of the presidency into deep recesses of American life and culture. Driving the news: This past week, Trump announced that Coca-Cola had agreed to use real cane sugar in Coke. For decades, high-fructose corn syrup has sweetened the drink. (The company hasn't confirmed his claim.) The topic has been steadily gaining attention in the U.S., with interest in Mexican Coke — which uses cane sugar — rising for years, according to Google Trends. The big picture: We all know "kitchen-table issues," the topics shaped by decades of campaign trail debates. But these are "group-chat issues" — stuff you'd text your friends about that doesn't usually get picked apart by policy wonks. Alcatraz: Trump stunned the country by announcing this spring that the notorious prison island — closed for more than 60 years — would be reopened. The move is inspired "more by symbolism than necessity," Axios' Marc Caputo reported. The penny: The administration took action on the ultimate pocketbook issue by announcing plans to discontinue the 1-cent coin. While the move makes economic cents — pennies now cost more to make than they're worth — the bigger impact could the cultural ripple of an extinct piece of American iconography. Gulf of America: Trump caught Americans off guard when he edited U.S. maps on his first week in office. The seemingly superficial move led to profound fallout over press freedom and geopolitics. JFK files: He indulged a decades-long national fascination about the JFK assassination by releasing 63,000 pages of records — a topic that had largely been left to amateur sleuths and conspiracy theorists. While the records added color to the understanding of the event, there were no bombshells. Reality check: Trump finds himself on the other side of a group-chat issue with his posture on the Jeffrey Epstein case. He is fighting against the populist current demanding more information and transparency around Epstein's sex trafficking operation, while disavowing his supporters who continue to press him. Zoom in: On some lesser-noticed, Seinfeldian issues, Trump addressed everyman gripes with the stroke of a pen.
CNBC
11 minutes ago
- CNBC
These stocks can benefit the most from lower oil prices, says Jefferies
Stocks that could win big if oil prices continue to slide include Advanced Micro Devices and Datadog , according to Jefferies. West Texas Intermediate crude oil prices have already taken a leg lower this year, down from around $80 per barrel in mid-January to around $68 today. Several factors have contributed to the weakness, including President Donald Trump's global tariff war and the decision from OPEC+ members to hike production. The trend is unlikely to reverse anytime soon, according to Jefferies, which wrote in a Thursday note that oil prices are likely to stay low for the time being. But although energy companies might take a hit, the firm believes stocks in some other sectors could actually win big. "In terms of the broader market implications, the [near-term] crude price softness — and potential stabilization at these levels — could serve as a tailwind for U.S. equities," the bank wrote. "Significant price corrections in WTI have tended to correspond with periods of EPS growth and share performance for several (potentially counter-intuitive) sectors: the tech complex and discretionary." In the same note, Jefferies included a list of stocks that could outperform on lower oil prices, including the following: Advanced Micro Devices shares have surged 30% this year, but the graphics processing unit manufacturer may have further upside. Last week, HSBC upgraded its rating to buy from hold. Analyst Frank Lee's target price of $200 per share, up from $100, is about 27% above Friday's close. "We upgrade to Buy as we believe the pricing premium is undervalued and there could be further upside to earnings driven by MI400 series launch in 2026," Lee wrote. "We now expect that upside to FY26e AI revenue will lead to higher re-rating to AMD that is not fully priced in by the market despite the 14% share price rally post its AI day event (12 June)." Datadog, up 1% this year, was another name that could win big, according to Jefferies. Wolfe Research agreed with this bullish take, upgrading the stock to an outperform rating from peer perform last month. "After attending DASH in NYC where the vibes were sky-high with AI announcements aplenty, we are here to say that we believe those turbulent times are in the rearview and this dog isn't just hunting again, it's feasting!" wrote analyst Alex Zukin. Zukin's $150 price target implies an upside of 3% from Datadog's Friday closing price. Jefferies also singled out Zscaler as a stock that could outperform on lower oil prices. Shares of the cybersecurity company have soared 60% in 2025. In June, Wells Fargo upgraded the stock to an overweight rating from equal weight. Analyst Andrew Nowinski's new price target of $385, up from $260, is around 33% above the stock's current trading price. As a catalyst, the analyst highlighted strong momentum in Zscaler's new and upsell business this fiscal year. Unscheduled billings growth should improve from here, while scheduled billings should become less of a headwind next year. "We believe this will provide the foundation for 20%+ billings growth in FY26, as these unscheduled billings will become part of the scheduled billings," Nowinski added.
Washington Post
11 minutes ago
- Washington Post
The 2026 Senate map is tough for Democrats, but Republicans have their own headaches
WASHINGTON — Republicans are encountering early headaches in Senate races viewed as pivotal to maintaining the party's majority in next year's midterm elections, with recruitment failures, open primaries, infighting and a president who has been sitting on the sidelines. Democrats still face an uphill battle. They need to net four seats to retake the majority, and most of the 2026 contests are in states that Republican President Donald Trump easily won last November. But Democrats see reasons for hope in Republicans' challenges. They include a nasty primary in Texas that could jeopardize a seat Republicans have held for decades. In North Carolina and Georgia, the GOP still lacks a clear field of candidates. Trump's influence dials up the uncertainty as he decides whether to flex his influential endorsement to stave off intraparty fights. Republicans stress that it remains early in the election cycle and say there is still plenty of time for candidates to establish themselves and Trump to wade in. The president, said White House political director James Blair, has been working closely with Senate Majority Leader John Thune, R-S.D. 'I won't get ahead of the president but look, him and leader Thune have been very aligned. I expect them to be aligned and work closely.' he said. Trump's timing, allies say, also reflects the far more disciplined approach by him and his political operation, which are determined for Republicans to gain seats in both the Senate and the House. Here's what's happening in some key Senate races: Democrats have long dreamed of winning statewide office in this ruby red state. Could a nasty GOP primary be their ticket? National Republicans and GOP Senate strategists are ringing alarm bells amid concerns that state Attorney General Ken Paxton, who is facing a bevy of personal and ethical questions, could prevail over Sen. John Cornyn for the nomination. They fear Paxton would be a disastrous general election candidate, forcing Republicans to invest tens of millions of dollars they believe would be better spent in other states. Texans for a Conservative Majority, a super political action committee supporting Cornyn, a onetime Trump critic, began airing television ads this past week promoting his support for Trump's package of tax breaks and spending cuts. Don't expect the upbeat tone from the pro-Cornyn super PAC to hold long. Paxton was acquitted after a Republican-led impeachment trial in 2023 over allegations of bribery and abuse of office, which also exposed an extramarital affair. His wife, Angela, filed for divorce on July 10, referring to 'recent discoveries' in announcing her decision to end her marriage of 38 years 'on biblical grounds.' 'Ken Paxton has embarrassed himself, his family, and we look forward to exposing just how bad he's embarrassed our state in the coming months,' said Aaron Whitehead, the super PAC's executive director. Trump adviser Chris LaCivita, who comanaged Trump's 2024 campaign, is advising the group. But Cornyn has had a cool relationship with Trump over the years, while Paxton is a longtime Trump ally. And Paxton raised more than three times as much as Cornyn in the second quarter, $2.9 million compared with $804,000, according to Federal Elections Commission reports. Rep. Wesley Hunt is also weighing a run. Will Trump be persuaded to endorse or will he choose to steer clear? The surprise retirement announcement by two-term Sen. Thom Tillis has set off a frenzied search for a replacement in a state widely seen as Democrats' top pickup opportunity. He had repeatedly clashed with Trump, including over Medicaid changes in the tax cut bill, leading the president to threaten to back a primary challenger. All eyes are now on Lara Trump, the president's daughter-in-law, who is mulling whether to run in her home state as other potential candidates stand by. A familiar national Republican face as co-chair of the Republican National Committee during Trump's 2024 campaign, Lara Trump is now a Fox News Channel host. She also had been a visible surrogate during previous campaigns, often promoting her North Carolina roots and the fact that she named her daughter Carolina. Having a Trump on the ballot could boost a party that has struggled to motivate its most fervent base when Donald Trump is not running. But Lara Trump currently lives in Florida and has so far sounded muted on the prospect of a Senate run. Other potential contenders include RNC chair Michael Whatley, who led North Carolina's GOP before taking the national reins and is considered a strong fundraiser and Trump loyalist, and first-term Reps. Pat Harrigan and Brad Knott. While Lara Trump and Whatley are better known nationally, Harrigan is a West Point graduate and Knott is a former federal prosecutor. Democrats are waiting on a decision from former two-term Gov. Roy Cooper, who is seen as a formidable candidate by both parties in a state Trump carried by just 3.2 percentage points last year. Former Rep. Wiley Nickel has entered the race, but it's unclear what he would do if Cooper ran. Republicans see Georgia and the seat held by Democrat Jon Ossoff as one of their best pickup opportunities. But the party remains in search of a well-known challenger after failing to persuade term-limited Gov. Brian Kemp to run. A growing potential field includes Reps. Buddy Carter, Mike Collins and Rich McCormick, Insurance Commissioner John King and Derek Dooley, a former University of Tennessee football coach. The president is still meeting with possible candidates and is expected by many to wait to weigh in until his team has fully screened them and assessed their chances and after his budget priorities make their way through Congress. Ossoff took in more than $10 million in the second quarter of the year, according to federal filings, after raising $11 million from January through March. He ended June with more than $15.5 million cash on hand. That money will matter in what is sure to be an expensive general election. The Senate races in 2020, when Ossoff and Raphael Warnock narrowly won and flipped control to Democrats, cost more than $900 million combined. Republicans hope the retirement of Democratic Sen. Gary Peters and a crowded, expensive Democratic primary will help them capture a seat that has eluded them for more than three decades. Here, too, all eyes are on Trump. Republicans are rallying around former Rep. Mike Rogers, who came within 20,000 votes in 2024 against then-Rep. Elissa Slotkin and had Trump's endorsement. Rogers now appears to have momentum behind him, with the support of Thune, the National Republican Senatorial Committee and former Trump campaign veterans LaCivita and Tony Fabrizio. But other Republicans could complicate things. Rep. Bill Huizenga has said he is waiting for guidance from the president on whether he should run. 'When people are asking why haven't you announced or what are you going to do, it's like, look, I want to get the man's input, all right?' Huizenga told reporters last month. A spokesperson for Huizenga added that the congressman has spoken to Trump on the phone multiple times and has yet to be told not to run. Still, White House officials have on more than one occasion encouraged Huizenga to stay in the House, according to one person familiar with the conversations who was not authorized to publicly discuss the private discussions and spoke only on condition of anonymity. Democrats have their own messy primary, with state Sen. Mallory McMorrow up against Rep. Haley Stevens, state Rep. Joe Tate, and former Wayne County Health Director Abdul El-Sayed. They were pleased to see that, even without any declared challengers, Rogers' main campaign account raised just $745,000 during the second quarter, lagging Huizenga and several Democrats. (He brought in another nearly $779,000 through a separate joint fundraising committee.) McMorrow, by comparison, raised more than $2.1 million. Republican Sen. Bill Cassidy has faced scrutiny from his party, in no small part for his 2021 vote to convict Trump after the president's second impeachment. Will Trump seek retribution against the two-term senator or ultimately back him? Though Cassidy already faces two primary challengers, Louisiana is a reliably Republican state, which Trump won last year by 22 percentage points. Democrats are hoping a strong contender — potentially former Gov. John Bel Edwards, who has attracted Republican votes in the past — might mount a competitive challenge. Republicans are awaiting word on whether Rep. Julia Letlow will run. In May, Gov. Jeff Landry and Trump privately discussed the two-term congresswoman entering the race. Letlow and Landry appeared together at a congressional fundraiser for her in Lafayette, outside her northeast Louisiana district, on June 30, fueling speculation about her plans. The governor's discussion with Trump of a new challenger to Cassidy reflects the Trump base's unease with Cassidy, not simply over the impeachment vote, but also Cassidy's concerns about installing Robert F. Kennedy Jr. as the nation's health secretary. Cassidy ultimately backed Kennedy, a move some saw as an effort to ease tensions. Among Cassidy's Republican challengers so far are state Treasurer John Fleming and state Sen. Blake Miguez. Letlow, serving in the seat her husband held before he died of COVID-19, is considered a rising star in the Louisiana GOP. Two-term Republican Sen. Joni Ernst has not said whether she plans to seek a third term. Ernst would be expected to win in the state Trump carried by 13 percentage points last year. But she has come under some criticism from Iowa Republicans, including for saying she needed to hear more from Trump's pick for defense secretary, Pete Hegseth, before committing to support his nomination amid allegations of sexual assault that Hegseth denied. The senator, a combat veteran and sexual assault survivor, eventually voted to confirm him. Though a final decision awaits, Ernst has named a 2026 campaign manager and has scheduled her annual Iowa fundraiser for October. ___ Beaumont reported from Des Moines, Iowa. Associated Press writers Joey Cappelletti and Seung Min Kim contributed to this report.
