#GENIUSAct Bill on stablecoins overcomes hurdle in the Senate, plenary vote approaches

On Monday night, the Senate voted 66 to 32 to move forward with the GENIUS Act, a bill aimed at establishing a federal framework for the regulation of stablecoins.

The legislation had been stalled due to Democratic opposition but gained momentum after concerns were addressed.

The progress of the bill is seen as a positive development for the cryptocurrency industry, which has been seeking clearer regulatory guidelines.

The bill is likely to be voted on in the Senate plenary later this week and, after that, will be sent to President Donald Trump's office for approval.

Bitcoin's recent performance has been driven by expectations of favorable regulatory developments and increased adoption.

Analysts predict that if current trends continue, the cryptocurrency could reach new highs by the end of the year.

The token has risen more than 11% this month, helped by optimism regarding easing trade tensions between the two largest economies in the world.

Markets await US House vote on Trump tax cut bill

Meanwhile, investors are closely watching the US House of Representatives, where a vote is expected by the end of the day on President Trump's tax cut proposal.

Critics warn that the bill could worsen the US fiscal deficit and reduce federal revenue, especially since the deficit is already at historically high levels.

This came after the global credit rating agency Moody's downgraded the US investment-grade rating to one level due to the country's growing debt of $2.677390439236 trillion.