Ether, Bitcoin And More Crypto Rallies After Trump Says Republicans Back His Stablecoin Bills

Core Viewpoint - Regulatory optimism surrounding cryptocurrencies has increased following President Trump's comments that most Republican detractors would support pro-crypto legislation in the House [1]. Group 1: Cryptocurrency Market Reaction - Bitcoin's price rose above $119,000, marking a 1.5% increase, while other cryptocurrencies also saw significant gains: Ether increased by 5.9%, XRP by 2.4%, Solana by 4.8%, and Binance's BNB by 1.9% over the last 24 hours [2]. - Shares of stablecoin issuer Circle rose by 4% in premarket trading, recovering most of the losses from the previous day, alongside increases for Coinbase (1.1%), BitMine (17%), SharpLink (15%), and Bit Digital (5%) [4]. Group 2: Legislative Developments - Trump indicated that he had discussions with 11 of the 12 Republicans who previously voted against advancing the GENIUS Act and other related bills, suggesting they would change their votes in favor [3]. - The GENIUS Act aims to establish federal regulations for stablecoin issuers, while the Digital Asset Market Clarity Act will clarify which agency regulates certain digital assets, and the Anti-CBDC Surveillance State Act seeks to prevent the Federal Reserve from issuing a central bank digital currency [5]. Group 3: Opposition to Legislation - Some legislators opposed Trump's crypto bills due to procedural issues, such as the lack of opportunity to submit amendments, and concerns regarding the absence of a ban on central bank digital currencies in the GENIUS Act [6]. - Democrats have raised concerns about Trump's connections to the cryptocurrency industry, particularly regarding World Liberty Financial and potential conflicts of interest related to Trump-branded meme coins [6].