Stocks tied to the cryptocurrency sector gained ground on Monday, buoyed by a rise in ether prices and the enactment of new U.S. legislation regulating stablecoins, signed by President Donald Trump late Friday.
In early trading, Coinbase (NASDAQ:COIN) shares climbed 1.7%, while MicroStrategy (NASDAQ:MSTR) posted a 1.5% gain ahead of the market open.
The newly signed GENIUS Act, which establishes federal oversight for stablecoins, marks a milestone for crypto advocates who have long pushed for regulatory clarity. The bill passed the House with strong bipartisan support — a 308 to 122 vote — following its earlier approval in the Senate.
Bitcoin, the most prominent cryptocurrency, rose around 1% Monday but remained over 3% below its all-time high of $123,153 set last week. At 09:52 GMT, it was trading at $118,706.70, up 0.6% for the day.
Meanwhile, Ethereum posted stronger gains, rising 1.6% to $3,770.90. Analysts at Deutsche Bank suggested that restrictions imposed by the new law — particularly the ban on paying interest or yields on regulated stablecoins — may be encouraging investors to shift toward Ethereum and other DeFi instruments as alternative yield-generating assets.
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