Coinbase leads crypto stocks higher after Trump signals support for digital asset market structure bill
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Coinbase jumped 12% on Wednesday following President Trump's latest call to help pass a law that would enable crypto firms to issue yield-bearing stablecoins.
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In this article COIN Follow your favorite stocks CREATE FREE ACCOUNT Dado Ruvic | Reuters Shares of Coinbase and other cryptocurrency companies surged Wednesday after President Donald Trump threw his weight behind the industry's battle against U.S. banks over yield-bearing stablecoins — adding to momentum the firms were already feeling from bitcoin 's bounce. Coinbase was last up more than 12%. Other digital asset firms such as Strategy and Circle jumped 9% and nearly 6%, respectively. Meanwhile, shares of JPMorgan Chase and Bank of America fell less than 1%. "The Genius Act is being threatened and undermined by the Banks, and that is unacceptable," Trump said late Tuesday in his social media post . "They need to make a good deal with the Crypto Industry because that's what's in best interest of the American People." Greenlighting firms to issue dollar-pegged digital tokens that offer interest-like returns has been a sticking point of the Clarity Act, a market structure bill for the crypto industry, in the U.S. Congress. Crypto companies also got a boost as cryptocurrencies staged a comeback. Bitcoin and ether advanced 5% and 6% on Wednesday, respectively. Subscribe to CNBC PRO Subscribe to Investing Club Licensing & Reprints CNBC Councils Select Personal Finance Join the CNBC Panel Closed Captioning Digital Products News Releases Internships Corrections About CNBC Site Map Podcasts Careers Help Contact News Tips Got a confidential news tip? We want to hear from you. Get In Touch CNBC Newsletters Sign up for free newsletters and get more CNBC delivered to your inbox Sign Up Now Get this delivered to your inbox, and more info about our products and services. Advertise With Us Please Contact Us Ad Choices Privacy Policy Your Privacy Choices CA Notice Terms of Service © 2026 Versant Media, LLC. All Rights Reserved. A Versant Media Company. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Dat...
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