Bitcoin and Crypto Stocks Rise as Trump Signals Progress on GENIUS Act

Cryptocurrency markets saw gains on Wednesday following President Donald Trump's announcement that he expects the GENIUS Act to advance in the House of Representatives after facing procedural resistance the previous day.

Bitcoin prices surpassed $119,000, and shares of crypto firms such as Circle Internet Group and Coinbase rose in recent trading. Circle's stock increased by 14%, rebounding from losses after the bill was initially blocked.

The GENIUS Act aims to establish a regulatory framework for private companies to issue stablecoins—cryptocurrencies whose value is tied to traditional assets like the U.S. dollar. The bill is considered a significant component of ongoing legislative efforts during what has been dubbed "Crypto Week."

The legislation stalled on Tuesday when more than a dozen Republicans joined Democrats to prevent it and two other crypto-related bills from reaching the House floor. President Trump stated on Truth Social that he met with Republican holdouts and persuaded them to support the measure. > "I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule," Trump wrote, adding that House Speaker Mike Johnson participated by phone and anticipated a prompt vote.

If the House approves the GENIUS Act, which the Senate passed last month, the bill would proceed to the president's desk for signature.