Cryptocurrency Markets Surge as U.S. Senate Advances GENIUS Act
Digital asset markets saw a sharp rally on Sunday after the U.S. Senate made progress on the GENIUS Act—a landmark bill aimed at regulating stablecoins. Officially titled the Guiding and Establishing National Innovation for U.S. Stablecoins Act, the legislation cleared a crucial procedural hurdle with a bipartisan 66-32 vote, marking a breakthrough after prolonged political gridlock.
The GENIUS Act proposes a comprehensive regulatory framework for the $250 billion stablecoin sector, which until now has functioned with limited oversight. Previous attempts to pass similar legislation had faltered, partly due to political infighting and the influence of former President Donald Trump’s digital asset initiatives. Sunday’s vote, however, reflects a growing consensus among lawmakers on the need for clearer rules.
Ethereum ($ETH ) led the market rally, jumping 2.3% within an hour of the vote and closing the day up 7.61% at $2,540.68. Its market cap climbed 7.60% to $306.73 billion, although trading volume slipped 12.70% to $26.99 billion.
Bitcoin ($BTC ) also gained, rising 2.90% over 24 hours to reach $105,376.02. The world’s largest cryptocurrency saw its market cap increase 2.95% to $2.09 trillion, despite an 11.47% drop in trading volume to $55.66 billion.
$XRP recorded more modest growth, up 2% in the two hours after the vote and ending the day with a 3.98% gain at $2.36. Its market capitalization rose 3.43% to about $138.73 billion, while trading volume declined 15.99% to $3.18 billion.
These swift price movements underscore the crypto market's strong reaction to regulatory signals. As the GENIUS Act heads into formal Senate debate, investor sentiment appears to be leaning toward optimism, driven by the potential for a stable and clearly defined legal environment. The bill’s advancement is widely seen as a critical step toward integrating digital assets into the mainstream U.S. financial landscape.
