Trump Backs GENIUS Act as Crypto Markets Surge and Coinbase Unveils New Payment Tools

Crypto markets have entered a new phase of momentum as political support grows and major players launch innovative offerings. Former President Donald Trump publicly endorsed the GENIUS Act, while Circle and Coinbase stocks soared on fresh payment and collateralization features, signaling a maturing landscape for digital assets.

Trump Champions Pro-Crypto Legislation Amid Rising Political Attention

Digital assets are receiving fresh attention on Capitol Hill, with Donald Trump urging the House to pass the GENIUS Act. Calling crypto the “future” and declaring, “we’ll own it,” the former President has positioned himself as a vocal supporter of the sector. This political backing has fueled optimism for clearer cryptocurrency regulations, particularly as lawmakers consider broader adoption measures. Momentum accelerated as news broke that Ohio will exempt Bitcoin payments under $200 from state tax, signaling a shift toward mainstream acceptance.

Institutional Expansion and Innovation Drive Markets Higher

The stablecoin market cap has surged past $250 billion, showcasing robust demand for digital dollar alternatives. Circle and Coinbase both experienced notable stock rallies as they launched new products and utilities. Coinbase introduced “Coinbase Payments,” enabling USDC to be used as collateral and expanding crypto usage in real-world transactions. Meanwhile, leading exchanges Crypto.com and Deribit now accept BUIDL as collateral, broadening options for leveraged traders. Financial innovation was highlighted as SOL Strategies announced plans to go public in the United States and Lion Group secured $600 million for its HYPE treasury.

Key Stats & Figures

• GENIUS Act: Gains major political traction with Trump’s endorsement and pushes for passage in the House.
• Stablecoin Market Cap: Exceeds $250 billion, reinforcing stablecoins’ growing role in digital finance.
• Crypto Lender Holdings: Industry lenders now collectively manage $60 billion in crypto assets.
• Ohio Tax Policy: BTC payments under $200 now exempt from state taxes, pioneering state-level crypto acceptance.

Market Moves, Equities Rally, and Industry Players Eye Growth

Coinbase shares jumped following the dual launch of its payment tools and collateral solutions for USDC holders, expanding the exchange’s competitive edge. The momentum extended to other industry companies; brokerage giant FalconX is reportedly exploring an initial public offering, and trading heavyweight Jump Trading is making moves for a renewed presence in crypto. Canada made headlines with the first spot XRP ETF debut, while derivatives and collateral products saw new integrations across trading platforms. In the broader landscape, ongoing volatility persists amid geopolitical unrest, with crypto prices fluctuating as tensions between Israel and Iran escalate.

Conclusion: What This Means for the Market

The convergence of high-level political backing, innovative exchange products, and continued institutional entry signals a potent new chapter for crypto markets. As regulations become clearer and financial tools mature, investors and traders alike are positioning for increased participation. Volatility remains a central theme, but with powerful momentum behind crypto adoption and industry innovation, the sector appears poised for sustained evolution throughout 2024.

This article is based on highlights from “FOMO HOUR LIVE ON DEGENZ,” covering the intersection of crypto news, trading strategies, macroeconomics, and market risk.