🐳 Daily Edition: Circle Climbs 35%+ as Senate Passes First Framework for Crypto

After their IPO at $30 just 2 weeks ago, Circle closed today at $200 and has reached as high as $215 after hours. This price action comes the day after the Senate passed the GENIUS act, the first official federal framework for stablecoins. While the bill has is quite extensive, the most important thing to understand is this opens the door for banks and other institutions to interact with stablecoins in ways never possible before. In other words, the game is on now. Treasury Secretary Scott Bessent projected this week that stablecoins could potentially grow into a $3.7 trillion market by the end of the decade; for context, the entire crypto industry itself amounts to a $3.2 trillion market today. Crazy to think just a few years after most major crypto companies were being harassed on a weekly basis by the SEC that the Treasury Secretary would be bull posting crypto technology, but here we are.

Coinbase also climbed double digits today, up 16% to $295 at the end of trading hours. Some of this is likely due to their revenue sharing agreement with Circle (which sees almost half of Circle’s revenue given to Coinbase), however it seems the market is finally associating the success of their Layer 2 network Base with the stock. According to yesterday’s announcement, JPMorgan has partnered with Coinbase to issue a deposit token called ‘JPMD’ on Base. This token will function as a digital version of commercial bank money for their institutional clients, offering 24/7 instant settlement… and it’s all built onchain, on an Ethereum L2. The big risk for blockchain tech (in my opinion at least) is not that the tech won’t find applications, but that institutions and the masses will use solutions built by them rather than the chains we all use and own now. Getting JPMorgan to build on a public blockchain is a massive step in the right direction, and I expect many of their peers are taking this as a signal to do the same.

Turns out the SPX6900 is actually not a stock

The Beluga intern has been hard at work gathering all the most important crypto news stories so you have them in one place!

The Majors

• How Ross Ulbricht could’ve been the richest Bitcoiner on Earth

Alt Coins and Stocks

• JPMorgan Chase partners with Coinbase to launch deposit token for institutional clients

• Coinbase, circle stocks spike double digits after stablecoin bill clears Senate

Regulatory

• Treasury Secretary Bessent says Trump’s crypto push will ‘lock in’ dollar supremacy

• Feds file to seize $225 million worth of crypto in historic US Secret Service bust

Random

• A lawyer and his wiener doge must be separated, Phantom argues in memecoin lawsuit

• ‘Pro-Israel hacker group’ drains, burns $90 million from Iranian Bitcoin exchange