GENIUS Act Passed by Senate — SRM Jumps 777%, Circle and Coinbase Stocks Climb

Crypto-linked stocks posted major gains this week following the Senate’s approval of the GENIUS Act, a landmark bill aimed at establishing a federal regulatory framework for stablecoins. While the bill still awaits House approval and a presidential sign-off, its bipartisan passage has already injected renewed confidence into the digital asset market.

Leading the rally is Circle (CRCL), the issuer behind the widely used USD Coin (USDC). Shares in Circle surged more than 77% over the week, bringing its valuation to more than seven times its IPO price from just earlier this month.

Partner company Coinbase Global (COIN) also rode the bullish wave, rising 25% as investors reacted to its financial ties to Circle, including shared revenue from USDC and a minority equity stake in the stablecoin issuer.

One of the most dramatic moves came from SRM Entertainment (SRM), a Florida-based firm known for its work in theme park merchandise. The stock soared by 777% after announcing a rebrand to Tron Inc. and a strategic partnership with blockchain platform Tron. As part of the transformation, SRM will acquire Tron tokens and bring on Tron founder Justin Sun as an official adviser.

The White House also weighed in. Following the Senate’s 68-30 vote, President Trump publicly praised the legislation, calling it “a monumental step toward making the United States the global leader in digital finance.”

The president’s vocal support comes as no surprise given his growing alignment with crypto interests. Recent disclosures show Trump earned $57 million last year from tokens issued by World Liberty Financial, a DeFi project that lists both him and his sons as advisers.

Trump’s media arm, Trump Media and Technology Group (DJT), was also recently cleared by the SEC to raise $2.5 billion through equity and debt offerings aimed at purchasing and holding digital assets, including bitcoin.

World Liberty, led by Zach Witkoff, the son of Trump’s Middle East envoy Steve Witkoff, earlier this year launched a stablecoin that was used to transfer $2 billion from UAE’s MGX sovereign wealth fund to crypto exchange Binance.

In a related development, the SEC dropped its civil enforcement case against Binance and founder Changpeng Zhaothis month. Reports suggest Zhao has been lobbying for a pardon in the U.S., adding another layer of intrigue to the administration’s connections to crypto.

Justin Sun, a close Trump ally and prominent crypto investor, attended a private dinner at Trump’s golf club last month and has invested $75 million into Trump-affiliated tokens.

Market analysts and blockchain executives are calling the GENIUS Act a game-changer. “This marks a defining moment for digital finance in America,” said Yat Siu, chairman of blockchain venture firm Animoca Brands, who emphasized the bill’s bipartisan appeal and clarity for stablecoin issuers.

According to Treasury Secretary Scott Bessent, the stablecoin market could grow beyond $2 trillion by 2028 if the legislation is fully enacted. The GENIUS Act requires stablecoin issuers to hold $1 in cash or short-term U.S. Treasurys for every $1 in stablecoins, effectively tying market expansion to demand for U.S. government debt.

Estimates from leading financial institutions, including Morgan Stanley and Standard Chartered, place current stablecoin-linked U.S. Treasury holdings at up to $200 billion.

Weekly Crypto Stock Gains Since GENIUS Act Passed

Source: iShookFinance | Data: June 16–20, 2025 | Based on GENIUS Act Market Impact

However, the bill hasn’t escaped criticism. Senator Elizabeth Warren voiced opposition to what she calls a “glaring loophole” that allows large tech firms and retail corporations to issue private digital currencies without sufficient consumer protections.

“This legislation shouldn’t move forward without stricter safeguards and limits on political conflicts of interest,” Warren stated ahead of the vote.

With the GENIUS Act clearing the Senate and Trump voicing full support, attention now turns to the House, where the bill faces its next key vote.

Also Read: OpenPayd Partners with Circle to Power Real-Time Stablecoin (USDC) and Fiat Transactions