Cryptocurrency Bitcoin surges past the $120,000 mark, igniting anticipation for a potential $1 trillion seismic shift in the crypto market.
In a significant development for the cryptocurrency industry, U.S. House Republicans are preparing to accept the Senate's GENIUS Act, a bill designed to create the first-ever U.S. regulatory framework for stablecoins pegged to the dollar. This legislative move, expected to take place as early as next week from July 10, 2025, signifies a major step towards establishing clear and bespoke regulation for stablecoins in America.
The GENIUS Act, which passed the Senate with bipartisan support in June 2025, excludes payment stablecoins issued by authorized issuers from securities and commodities laws and places primary regulatory authority under federal banking agencies or the National Credit Union Administration, notably excluding direct regulation by the SEC and CFTC. Instead, the bill creates a Stablecoin Certification Review Committee chaired by the Treasury Secretary, though its membership details remain unspecified.
This regulatory framework, long sought by crypto advocates, is expected to boost legitimacy and mainstream adoption of stablecoins, potentially encouraging traditional financial institutions to engage more deeply with digital assets. Furthermore, it could benefit President Trump’s family, which has launched a company issuing a stablecoin.
In parallel with the GENIUS Act vote, the House is also set to vote on broader legislation that would overhaul crypto market structure and a proposal to ban a central bank digital currency (CBDC) in the U.S. However, efforts to combine these bills have been shelved in favor of passing the GENIUS Act independently, with plans to advance a standalone market structure bill later in September.
The acceptance of the GENIUS Act by the House is seen as a significant victory for the cryptocurrency industry. This legislative action marks a pivotal moment in U.S. crypto regulation, likely to foster greater legal clarity and innovation in the digital asset space during what some lawmakers are calling a "golden age of digital assets." The regulatory clarity from the GENIUS Act and associated crypto legislation could significantly impact the crypto market by enhancing investor confidence, encouraging institutional participation, and potentially stabilizing the use of stablecoins as digital payment instruments.
Meanwhile, the bitcoin price has been on a bullish run, with traders betting that Donald Trump's support of bitcoin and crypto will open the "floodgates." Tesla billionaire Elon Musk has confirmed a game-changing bitcoin bombshell, while Nick Forster, founder of onchain options trading platform Derive.xyz, believes that the passage of Trump's tax and spend bill will drive up risk assets like bitcoin due to looser policy ahead.
As the crypto market prepares for what could be one of its biggest weeks ever, companies are inspired by the actions of bitcoin treasury companies to create similar supply pressure by buying ethereum, XRP, and other cryptocurrencies. Shark Tank investor Kevin O’Leary predicted that the passage of the Genius Act and the crypto market structure bill could see "trillions" of dollars flow into crypto.
Sources: [1] CoinDesk (2025). House GOP Plans to Accept Senate's Stablecoin Bill Next Week. [online] Available at: https://www.coindesk.com/policy/2025/07/05/house-gop-plans-to-accept-senates-stablecoin-bill-next-week/ [2] CoinDesk (2025). Senate Approves Stablecoin Bill, Excluding SEC, CFTC Direct Regulation. [online] Available at: https://www.coindesk.com/policy/2025/06/10/senate-approves-stablecoin-bill-excluding-sec-cftc-direct-regulation/ [3] CoinDesk (2025). U.S. Lawmakers Say We're in a 'Golden Age' of Digital Assets. [online] Available at: https://www.coindesk.com/policy/2025/06/25/us-lawmakers-say-were-in-a-golden-age-of-digital-assets/
- The GENIUS Act, which is expected to boost the legitimacy and mainstream adoption of stablecoins, could potentially benefit President Trump’s family, who have launched a company issuing a stablecoin, in terms of investment and technology.
- As the crypto market prepares for a potentially significant week due to the GENIUS Act and associated crypto legislation, chances are high that increased investor confidence, institutional participation, and the potential stabilization of the use of stablecoins as digital payment instruments could lead to changes in the Bitcoin price, possibly driven by Donald Trump’s support of Bitcoin and crypto.
