Coinbase leads crypto stocks higher after Trump signals support for digital

Shares of Coinbase and other cryptocurrency companies surged Wednesday after President Donald Trump threw his weight behind the industry’s battle against U.S. banks over yield-bearing stablecoins — adding to momentum the firms were already feeling from bitcoin‘s bounce.

Coinbase was last up more than 12%. Other digital asset firms such as Strategy

and Circle jumped 9% and nearly 6%, respectively. Meanwhile, shares of JPMorgan Chase and Bank of America fell less than 1%.

“The Genius Act is being threatened and undermined by the Banks, and that is unacceptable,” Trump said late Tuesday in his social media post. “They need to make a good deal with the Crypto Industry because that’s what’s in best interest of the American People.”

Greenlighting firms to issue dollar-pegged digital tokens that offer interest-like returns has been a sticking point of the Clarity Act, a market structure bill for the crypto industry, in the U.S. Congress.

Crypto companies also got a boost as cryptocurrencies staged a comeback. Bitcoin and ether

advanced 5% and 6% on Wednesday, respectively.