Latest news with #GENUISAct
New York Post
4 days ago
- Business
- New York Post
Circle's shares spike 123% in NYSE debut — valuing crypto giant at $18B
Crypto giant Circle Internet Group's stock surged 123% above their initial offer price on Thursday in a major boost to an IPO market that had stagnated in recent months. Shares of Circle, which moved to New York from Boston last year and is led by CEO Jeremy Alliare, opened at $69. That pushed the company's valuation to nearly $18 billion. It is the second-largest public listing by a crypto firm. The strong projected debut came after Circle priced its IPO at $31 per share after the market closed on Wednesday – up from an earlier expected range of $27 to $28 per share. Circle is set for its NYSE debut on Thursday. AP Circle is best known as the issuer of USD Coin (USDC), which is pegged one-for-one to the US dollar. USDC is the world's second-largest stablecoin by market capitalization, trailing only Tether's USDT, according to data from The firm earlier said it will raise about $1.1 billion on an offering of 34 million shares. Stablecoins are a type of cryptocurrency with value directly pegged to a 'stable' asset, like the US dollar or gold. They are seen as a less volatile investment option than cryptocurrencies like bitcoin, which can experience major price swings during periods of market instability. Circle will be listed on the New York Stock Exchange under the ticker 'CRCL.' The IPO is led by JPMorgan, Goldman Sachs and Citigroup. ARK Investment Management, the firm led by famed tech investor Cathie Wood, has signaled interest in buying up to $150 million in shares, according to a regulatory filing. The successful debut could nudge other crypto companies to explore IPOs. Jeremy Allaire, CEO and co-founder of Circle Internet Group, the issuer of one of the world's biggest stablecoins, attends an interview, on the day of his company's IPO at the New York Stock Exchange (NYSE), in New York City, U.S., June 5, 2025. REUTERS 'The more crypto companies that go public, the easier it will be for future crypto companies,' Matt Kennedy, senior strategist at Renaissance Capital, told Reuters. Stablecoins and other types of cryptocurrency have boomed in popularity in recent months following President Trump's election victory. Trump, who won the White House with the backing of many major crypto executives, has vowed to loosen the strict regulatory policy adopted under former President Joe Biden. Last month, the US Senate voted to advance the GENUIS Act, which would establish a first-of-its-kind regulatory framework for stablecoins. A different version of a stablecoin bill is up for consideration in the House. Last month, the US Senate voted to advance the GENUIS Act, which would establish a first-of-its-kind regulatory framework for stablecoins. A different version of a stablecoin bill is up for consideration in the House.
Yahoo
14-05-2025
- Business
- Yahoo
With Trump's backing, GOP pushes for sweeping crypto regulations
WASHINGTON (NEXSTAR) – Backed by President Donald Trump, Republicans are ramping up efforts to pass sweeping regulations on the cryptocurrency industry but skepticism from both Democrats and some Republicans is clouding the path forward. While cryptocurrencies still represent a small portion of the U.S. economy, lawmakers from both parties say digital assets are poised to become a dominant force in global markets. 'This is about the blockchain technology and every single industry over the course of the next 20 or 30 years, the back end of that industry is going to be transformed by blockchain,' said Rep. Dusty Johnson (R-S.D.). Johnson is leading a Republican push to establish clearer regulatory guidelines for the crypto industry a push he says will unleash innovation domestically and give the U.S. an advantage over China. 'We need basic rules of the road to make sure that innovators have predictability and consistency,' he said. Crypto markets have long been susceptible to fraud and criminal misuse. Rep. Bill Huizenga (R-Mich.) says the lack of regulation leaves consumers vulnerable and stifles innovation. 'We don't have regulation right now,' Huizenga said. 'It's vital.' Last week, the Senate failed to advance a measure, dubbed the GENIUS ACT. The bill is aimed specifically at regulating stablecoins, digital currencies pegged to the U.S. dollar that are used for transactions and transfers. 'The question is, does this bill actually regulate anything? And the answer is no,' said Sen. Jeff Merkley (D-Ore.). Merkley and other Democrats argue the bill doesn't go far enough and have raised ethical concerns about potential conflicts of interest. President Trump and members of his family recently launched their own digital coin, prompting accusations of self-dealing. 'Self-dealing. Pure and simple,' Merkley said. President Trump, speaking in Qatar, dismissed questions about foreign investment in the coin. 'I don't know anything about it,' Trump said. Sen. Josh Hawley (R-Mo.) also opposes the GENUIS Act but for different reasons. He says it could give major tech corporations too much influence over the financial system. 'If you're concerned about what one private individual is doing, how much more should you be concerned about the biggest corporations in the world issuing their own currencies?' Hawley asked. 'Is that really what we want?' Despite the disagreements, there is bipartisan momentum for broader crypto regulations. Johnson says he expects a compromise bill to reach Trump's desk within the next six months. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
