What a GENIUS Act win would mean for bitcoin and crypto stocks

The vote set today for 12:20 in DC. The president said last night, he's confident that he has the support to to pass this thing. So what should we be watching for?

Yeah, so the vote slated for this afternoon. President Trump is very confident in the passing of this bill. He says it's going to make the US light years ahead of China, Europe. This is going to be a strong catalyst for the dollar, which we know has struggled so far this year. But we are seeing stable coins become more part of the mainstream economy. We have Amazon and Walmart reportedly considering their own stable coins. Uh, this would establish a framework and is really the first major piece of crypto legislation that we're seeing work its way through DC. That being said though, there does seem to be some resistance. We've been talking about this bill for a while, and it took a bit of time to make it to the Senate. It failed once, there's been heavy negotiations, and this was essentially supposed to be the easiest piece of crypto legislation to get through. So perhaps some choppiness here when we look at the future of crypto, but for the time being, this administration has been so bullish on the crypto space at large, and that's one of the reasons why we're seeing Bitcoin prices where they are still hovering around 120,000 a coin.

Yeah, Josh, let's talk about the price a little bit more here because, you know, we saw that surge earlier in the week. We talked to Andy Bear over at CoinDesk about that yesterday, and he said part of that was sort of the equivalent of short covering. But certainly to to Ally's point, we've been talking about this legislation for a while now.

Yeah, actually, I mean, I I think you could probably argue it's perhaps priced in at this point with the rally you've seen in Bitcoin. You're looking at it on your screen there. I mean, we've seen a big rally in Bitcoin really over the last several months now. Tucked 122,000. I mean, if we're talking about Bitcoin and how volatile crypto can be, if this legislation is going to be passed today and the coin is up less than 1%, I don't I just don't think that's really candidly that impressive in terms of how we we usually talk about crypto. But also interesting to point out circle stock up about 4% in pre-market trading because of course we are talking about stable coins here as well. And that one's been an interesting one because we kept on talking about how it felt like it had that crypto aspect of a little bit of number go up as the stock was up, but it topped out. I'm looking at on June 23rd at 263 bucks a share. Stock is down about over 20% since that end of June trading. So it'll be interesting to see if a circle continues to rise throughout the session once we actually open here and maybe that stock starts to catch a bid again because that was sort of a go-go stock for most of the month of June.