MARA Holdings (MARA) stock is soaring 5.12% in pre-market trading on Wednesday, as cryptocurrency-related stocks receive a significant boost following a crucial announcement from President Donald Trump regarding the GENIUS Act.

The surge comes after Trump declared that key House members have pledged to back the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, with a vote scheduled for Wednesday morning. This legislation, which has already passed in the Senate, is seen as a fundamental step in regulating and supporting the cryptocurrency industry in the United States.

The GENIUS Act would require stablecoins to be fully backed by U.S. dollars or similarly liquid assets, mandate annual audits for large issuers, and establish guidelines for foreign issuance. President Trump has been a strong advocate for the bill, stating that USD stablecoins will play a crucial role in strengthening dollar dominance. The potential passing of this act, along with other crypto-related legislation such as the Digital Asset Market Clarity Act, has created a wave of optimism in the crypto market, lifting stocks like MARA Holdings and its peers.