On June 24, Following the hectic weeks in the Middle East, cryptocurrency prices recovered after President Trump announced a ceasefire between Iran and Israel, and US lawmakers in Washington approved the Stablecoin bill, adjusting the way digital assets are regulated and traded.
Bitcoin exceeded $105,000, Ether increased more than $2,400, and XRP hit $2.19, as investors responded to weakening global tensions.
Beyond the diplomatic breakthrough, a political breakthrough in Washington gave the crypto world an even greater cause for jubilation: a fresh effort to give digital assets a clearer regulatory framework.
New US Roadmap for Cryptocurrency
The legislation put by Republicans, introduced by Senator Tim Scott and Senator Cynthia Lummis, would split crypto assets into commodities or securities and enable exchanges to register with the Commodity Futures Trading Commission (CFTC).
The Senate approved the stablecoin legislation, a landmark in the US, though the House has not finished its version yet. Both bills aim to rein in dangerous high-flying coins while providing more clear-cut regulations for crypto firms.
Visa CEO Ryan McInerney praised the Senate version, known as GENIUS Act stablecoin bill. He said Visa is ready to work with trusted digital currencies. Robinhood CEO Vlad Tenev also described the move as pivotal in helping the US catch up with Europe in crypto innovation.
In the House of Representatives, Republican leaders are aiming to vote on July 7 on two bills: one on stablecoins and one on broader crypto market rules. Timing is still fluid, but lawmakers are signaling they’re ready to move quickly.
The Senate passed a stablecoin bill last week, which President Trump has urged the House to pass “clean,” would provide the first official framework for dollar-pegged digital tokens. However, House Republicans may demand amendments to more closely align with their own version.
Some legislators prefer to merge the stablecoin legislation with the broader “CLARITY Act,” which would divide digital asset regulation between the SEC and CFTC. The office of Speaker Mike Johnson confirmed that discussions are being held to decide the best course of action.
Supporters say the legislation would also support stablecoin bill protect consumers, by enforcing rules on which types of coins can be offered to the public and who can issue them, to boost trust and security in the fast-evolving crypto space. As the government moves closer to establishing clearer rules for digital assets, the momentum in both Congress and financial markets shows that crypto is entering a new phase.
These adjustments are critical not just for innovation, but for keeping US competitive in the global digital economy. Many believe the stablecoin bill dollar dominance is key to ensuring the US dollar remains the world’s top currency even in the future shaped by digital finance.
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