The total market capitalization for all cryptocurrencies pushed past $4 trillion for the first time in history before dipping later in the day. But traditional stock indices barely budged. The S&P 500 closed the day essentially flat but posted a weekly rise of almost 0.7%. The Nasdaq was up about 0.4% on the day, and the Dow Jones dropped 0.3%.
On Thursday, the House passed three pieces of crypto legislation. Two bills went to the Senate for a further vote. The third, which regulates stablecoins, or cryptocurrencies pegged to underlying assets like the U.S. dollar, had already passed in the Senate and went to the White House. On Friday afternoon, President Donald Trump signed the bill, called the Genius Act, into law.
“We worked hard. It’s a very important act, the Genius Act. They named it after me,” Trump joked during a press conference before the bill signing.
CEOs for Coinbase, Robinhood, and other major crypto companies were in the audience during Trump’s signing of the Genius Act.
Kush Desai, a spokesperson for the White House, declined to comment on the report.
