Stock market today: S&P 500, Nasdaq clinch records as US economy flashes strength, earnings roll in
Crypto investors were watching developments in Congress on Thursday as lawmakers debated key bills, including legislation that would create guardrails surrounding stablecoins, tokens backed by assets such as the US dollar.
Shares of stablecoin issuer Circle (CRCL) rose during the session as the Genius Act was likely to be voted on during the afternoon session.
Meanwhile, the Clarity Act, a regulatory framework for payment stablecoins and digital assets, was also up for debate.
“This is a moment in time when the stars are aligned to pass these bills,” said Pat Daugherty, partner at Foley & Lardner, who has commented to congressional staff and lawmakers on drafts of the legislation.
Meanwhile bitcoin (BTC-USD), which touched all-time highs this week on increased inflows into spot ETFS and bullish momentum as the House debated crypto legislation, was little changed on Thursday.
The token hovered above $118,500 per token.