Shares of Coinbase surged more than 12% on Wednesday, leading a rally in cryptocurrency stocks after President Donald Trump expressed support for a market structure bill for digital assets, known as the Clarity Act. In his social media post, Trump criticized U.S. banks for undermining the Genius Act, which addresses yield-bearing stablecoins, and emphasized the need for a favorable deal for the crypto industry. This political backing coincided with a broader recovery in cryptocurrencies, with Bitcoin and ether both posting gains of 5% and 6%, respectively. Other firms such as Strategy and Circle also experienced significant increases in their stock prices.
Coinbase shares surge 12% as Trump backs crypto legislation
