On July 17, 2025, local time, the U.S. House of Representatives passed the "Guiding and Establishing the American Stablecoin National Innovation Act" (the "GENIUS Act") with a vote of 308 in favor and 122 against. Subsequently, President Trump officially signed the bill on July 18, marking the first formal establishment of a regulatory framework for digital stablecoins in the United States.

Around the time the bill was passed, the price of Bitcoin was at a high. On July 14, the price of Bitcoin broke through $120,000, setting a new historical high. On July 17, Bitcoin rose from $119,795 the previous day to over $120,000.