Actions of Coinbase and other cryptocurrency companies surged Wednesday after President Donald Trump backed the industry’s battle with U.S. banks over yielding stablecoins — adding to the momentum the companies were already feeling. bitcoinIt’s the rebound.
Coinbase is up over 12% recently. Other digital asset companies such as Strategy And Circle jumped 9% and almost 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 it is unacceptable,” Trump said Tuesday evening in his social media post. “They need to make a good deal with the crypto industry because that’s what’s in the best interest of the American people.”
Giving companies the green light to issue dollar-pegged digital tokens offering interest-like returns has been a sticking point of the Clarity Act, a market structure bill for the crypto industry, in the US Congress.
Crypto companies have also benefited from the comeback of cryptocurrencies. Bitcoin and ether advanced 5% and 6% respectively on Wednesday.
