shares of coinbase It soared on Wednesday after President Donald Trump said he supports the industry’s battle with U.S. banks over high-yield stablecoins, adding to the momentum the companies were already feeling. Bitcoinbounce back.
Coinbase was last up over 12%. Other digital asset companies such as strategy and circle They rose nearly 9% and 6%, respectively. Meanwhile, JPMorgan Chase and Bank of America shares fell less than 1%.
“The Genius Act has been threatened and undermined by the banks, and that is unacceptable,” President Trump said in a social media post late Tuesday. “They need to make a good deal with the crypto industry because that is in the best interest of the American people.”
The green light for companies to issue dollar-pegged digital tokens that provide interest-based profits is a problem with the Clarity Act, a market structure bill for the cryptocurrency industry in the U.S. Congress.
With the resurgence of cryptocurrencies, crypto companies have also gained momentum. Bitcoin and ether They rose 5% and 6%, respectively, on Wednesday.
