With millions of people now able to invest in cryptocurrencies, Bitcoin has risen to its highest point ever, topping $118,000 as a wave of capital pours into spot Bitcoin ETFs. The US dollar’s weakness and President Donald Trump’s administration’s support for digital currencies have also contributed to the recent surge in the price of bitcoin to previously unheard-of heights.
The first of what the sector hopes will be a series of initiatives to strengthen its credibility and reassure customers was legislation that was enacted by the Senate last month that would regulate stablecoins, a type of cryptocurrency.
The swift action follows a 2024 campaign cycle in which the cryptocurrency business was one of the nation’s largest political spenders, highlighting its expanding clout in Washington and beyond.
The law, called the GENIUS Act, would provide consumer rights and safeguards for stablecoins, a kind of cryptocurrency that is usually based on the US dollar. “Guiding and Establishing National Innovation for US Stablecoins” is what the acronym stands for.
As part of Congress’s efforts to fortify the nation’s position in the cryptocurrency space, the GENIUS Act will be discussed by the House of Representatives next week. As bitcoin reached a new high on Friday, US-listed cryptocurrency stocks soared ahead of a historic week that may solidify regulatory victories for the sector.
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