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President Trump has posted a new announcement on Truth Social, the social media platform. He wrote:
“I pledged that we would bring back American liberty and leadership and make the U.S. the crypto capital of the world—The Genius Act creates a clear and simple regulatory framework to establish and unleash the immense promise of dollar-backed stablecoins…”
How Will Trump’s Statement Affect the Stock Market?
This latest post has the potential to affect the stock market. That’s because Donald Trump’s statement about making the U.S. the crypto capital could positively impact stocks related to cryptocurrency and blockchain technology. Riot Platforms, Inc., Marathon Digital Holdings, Inc., and Coinbase Global, Inc. may see increased investor interest due to potential regulatory clarity and growth in the stablecoin market. Conversely, traditional financial sectors represented by the Financial Select Sector SPDR Fund and Technology Select Sector SPDR Fund might experience volatility as investors weigh the implications of a shift towards digital currencies.
Here are some of the stocks that might be affected:
Riot Platforms, Inc. ((RIOT)),
Financial Select Sector SPDR Fund ((XLF)),
Technology Select Sector SPDR Fund ((XLK)),
Marathon Digital Holdings, Inc. ((MARA)),
Coinbase Global, Inc. ((COIN)).