- Bitcoin has remained above $100,000 since May, driven by expectations that the U.S. government will support digital assets.
- The U.S. Senate advanced the bipartisan Genius Act, a bill to regulate stablecoins, with a final vote scheduled for June 17.
- President Donald Trump has announced plans to further embrace crypto, stating the legislation could lead to the U.S. “dominating” the crypto market.
- The stablecoin sector, mainly run by Tether and Circle, has grown to $250 billion; analysts predict possible expansion to $2 trillion if the law passes.
- Critics raise concerns about ethics and foreign influence due to Trump’s personal involvement in crypto projects.
Bitcoin has held above $100,000 per coin since early May as traders await new moves from the Trump administration that could further impact crypto markets. The U.S. Senate has advanced the Genius Act, a bill aimed at regulating stablecoins, with a final decisive vote set for June 17.
The bipartisan legislation prioritizes establishing clear rules for stablecoins—digital tokens linked to the U.S. dollar—enabling faster and cheaper global money transfers. Senate majority leader John Thune stated that the Genius Act is the result of “months of hard work and negotiations from members on both sides of the aisle,” according to Politico.
If signed into law, the Genius Act would create a legal framework for stablecoins and could unlock “trillions in financial and payment rails innovation,” according to Samir Kerbage of Hashdex Asset Management. “A finalized framework [for stablecoin legislation] in the U.S. could unleash a new wave of institutional adoption and product innovation, possibly bringing trillions of tokenized dollars to the market in the years to come,” Kerbage said.
The stablecoin market—led by Tether’s USDT and Circle’s USDC—has reached $250 billion from nearly zero a decade ago. Treasury Secretary Scott Bessent echoed analysts from Standard Chartered Bank, predicting that U.S. stablecoin legislation could expand the market to around $2 trillion. Transaction volume in stablecoins has recently surpassed payment giants VISA and Mastercard.
President Donald Trump described himself as the first “crypto president” in a pre-recorded talk at Coinbase’s State of Crypto Summit. He said he aims to create “clear and simple market frameworks that will allow America to dominate the future of crypto and bitcoin.” Over the past year, Trump has established a U.S. strategic bitcoin reserve via executive order and launched his own memecoin and U.S. dollar-backed stablecoin through the World Liberty Financial project led by his family.
Some lawmakers, including Democratic Representative Jamie Raskin, have warned that Trump’s involvement creates an opportunity for unethical foreign or corporate money flows into his personal finances. This issue continues to shape debate over the impending legislation.
The push for clear regulations on stablecoins has contributed to stable bitcoin prices despite trade tensions and market volatility. David Morrison of Trade Nation described bitcoin as consolidating above $100,000, saying, “Recent moves to strengthen regulation across stablecoins have also helped.”
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Bitcoin Traders Predict $270K All-Time High by October Amid Bull Run
- Disillusioned Pi Network Users Flock to Bitcoin Solaris (BTC-S)
- Bitcoin Holds Above $105K as Trader Sentiment Remains Cautious
- Crypto Market Stays Greedy Despite Israel-Iran Tensions, Bitcoin Dips
- Bitcoin ETFs See $1.3B Inflows Despite Israel-Iran Conflict Fears
