Cryptocurrency markets surged on Sunday as the U.S. Senate advanced the GENIUS Act — a key piece of legislation aimed at establishing a regulatory framework for stablecoins. The bill, officially titled the Guiding and Establishing National Innovation for U.S. Stablecoins Act, passed a critical procedural vote with a 66-32 margin, signaling growing legislative momentum after months of political gridlock.
The act seeks to introduce a clear legal structure for the $250 billion stablecoin market, which has remained largely unregulated. Political resistance — partly tied to former President Donald Trump’s reported interest in digital assets — had previously stalled the bill. However, Sunday’s vote indicates bipartisan willingness to move forward with regulation, sparking immediate optimism across digital asset markets.
Ethereum ($ETH ) led the market response, rallying 2.3% within just over an hour of the vote. By the end of the day, ETH had posted a 7.61% gain, closing at $2,540.68. Its market capitalization rose 7.60% to $306.73 billion. Despite the price surge, ETH’s 24-hour trading volume declined by 12.70% to $26.99 billion.
Bitcoin ($BTC ) also saw a notable uptick, rising 2.90% over the same 24-hour period to reach $105,376.02. The flagship cryptocurrency’s market capitalization increased 2.95% to $2.09 trillion. However, BTC's trading volume decreased slightly by 11.47% to $55.66 billion.
$XRP registered more modest gains. The token surged 2% in the two hours following the vote before leveling out to end the day up 3.98% at $2.36. Its market cap climbed 3.43% to approximately $138.73 billion, while its daily trading volume declined 15.99% to $3.18 billion.
The sharp price reactions underscore the cryptocurrency sector’s sensitivity to regulatory developments. With the GENIUS Act moving to the Senate floor for formal debate, investor sentiment appears to be shifting in favor of a more structured and predictable regulatory environment. The progress marks a pivotal step toward integrating digital assets into the broader financial system under U.S. law.
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