The recent approval of the GENIUS Act by the U.S. House of Representatives marks a significant milestone for the cryptocurrency industry, particularly impacting the prices of Bitcoin and XRP. This legislative development aims to establish initial guardrails and consumer protections for stablecoins, potentially fostering a more secure environment for investors . As cryptocurrencies continue to gain traction globally, the passage of this bill reflects an increasing acknowledgment of their importance in modern financial systems. The act not only sets a framework for stablecoin regulation but also signals governmental recognition that could enhance market confidence.
Regulators passed the three key bills amid Republican concerns with central bank digital currencies (CBDCs).
In a Thursday House session, lawmakers voted 294-134 to pass the Digital Asset Market Clarity (CLARITY) Act, a bill aimed at establishing a market structure for cryptocurrencies, 308-122 in favor of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act and 219-210 for the Anti-CBDC Surveillance State Act.
Bitcoin slipped to $117,500 during the U.S. session from trading above $120,000 earlier, down 0.6% over the past 24 hours. It's also now just about flat week-over-week even after Monday's rally to just below $124,000. Ether (ETH) earlier Friday surged to near its 2025 high around $3,700 before turning lower, changing hands around $3,550 recently, still up 4.5% over the last day and more than 20% over the past week.
The House of Representatives late Thursday passed the GENIUS Act, a bill that would regulate stablecoins, meaning it could soon be signed into law by President Donald Trump. The House also voted in favor of the Digital Markets Clarity Act.
The Clarity Act is in many ways the more important bill to the larger crypto industry as it would address the confusion over whether cryptos are commodities or securities, and what regulator would oversee them. It’s also a more complex effort and still needs to pass the Senate.
Separately, Trump is preparing to sign an executive order as soon as this week to open up 401(k) plans to alternative investments, including cryptos, the Financial Times reported late Thursday, citing people familiar with the matter.
In conclusion, as Congress moves forward with initiatives like the GENIUS Act under Trump's guidance, it is likely that we will witness further fluctuations in cryptocurrency prices. The interplay between legislative action and market response underscores a crucial dynamic within this rapidly evolving sector. As these frameworks are solidified, investors may find renewed optimism in Bitcoin and XRP's long-term viability amidst an increasingly regulated landscape.
Read more
El Salvador releases US deportees in US-Venezuela deal Trump sues Wall Street Journal and Rupert Murdoch for Epstein reportSara H
Also on site :
- Economic growth surges in late summer, the highest in two years
- Supply and Tariff Woes Send Copper Prices to Record High above $12,000
- Confirmo Becomes First Czech-founded Company to Secure MiCA License From the Central Bank of Ireland