They believe it will enhance consumer protections, facilitate the entry of traditional financial institutions, and contribute to the growth of the digital currency market.<\/p>\n
Conversely, critics assert that the bill represents a \u201cweak set of regulations\u201d that may not adequately safeguard consumers or prevent illicit trading activities involving stablecoins.<\/p>\n
Growing Support For Crypto Regulation<\/h2>\n
In addition to the GENIUS Act, the House will also debate measures to clarify the federal government’s regulatory approach to cryptocurrencies and proposals that could prevent the Federal Reserve from issuing its own digital currency.\u00a0<\/p>\n
Bryan Armour, director of passive strategies research at Morningstar, remarked that this legislative push reflects a series of favorable developments for the crypto industry since President Donald Trump’s election in November. Since then, Bitcoin’s price has surged nearly 80%.<\/p>\n
As \u201ccrypto week\u201d unfolds, Armour suggests it signals a continuation of supportive policies under the Trump administration. However, Trump\u2019s involvement in the cryptocurrency space has raised concerns about potential conflicts of interest.\u00a0<\/p>\n
For instance, his backing of World Liberty Financial’s stablecoin, USD1, has led to significant investments in major exchanges like Binance, which critics say creates opportunities for Trump\u2019s business to profit.\u00a0<\/p>\n
Despite these concerns, Trump has denied any wrongdoing, and a White House spokesperson has stated that his financial assets are managed in a trust to avoid conflicts.<\/p>\n
Bitcoin ETFs Propel Price Surge\u00a0<\/p>\n
The recent surge in Bitcoin prices has also been fueled by the US approval of Bitcoin exchange-traded funds (ETFs) last year. These investment vehicles have proven to be successful, with record-breaking amounts of capital moving into them.<\/p>\n
The overall asset value of Bitcoin ETFs has reached a record high of over $158 billion, driven by a wave of investments that included over a billion dollars flowing into these funds on consecutive days last week.<\/p>\n
Nikhil Bhatia, a finance professor at the University of Southern California, noted that the approval of Bitcoin ETFs has contributed significantly to institutional adoption of Bitcoin, signaling a return to a bullish market sentiment.\u00a0<\/p>\n
<\/p>\n
As of this writing, BTC\u2019s price has retraced back to the $117,000 level, 4.3% below its recently achieved all-time high.\u00a0<\/p>\n
Featured image from DALL-E, chart from TradingView.com<\/p>\n","protected":false},"excerpt":{"rendered":"
In a major display of bullish momentum, the market\u2019s leading cryptocurrency, Bitcoin (BTC), surged to a new record high on Monday, surpassing $123,000 for the first time.\u00a0 US House Kicks Off ‘Crypto Week The Bitcoin price climbed more than 90% year-to-date with Monday\u2019s rally, reaching $123,200, and reflecting a nearly 15% increase over the past…<\/p>\n","protected":false},"author":1,"featured_media":10427,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[10,9,48,12,88,89,13,14,15,26,63],"class_list":["post-10426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusdt","tag-crypto","tag-crypto-market","tag-crypto-news","tag-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/posts\/10426","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/comments?post=10426"}],"version-history":[{"count":0,"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/posts\/10426\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/media\/10427"}],"wp:attachment":[{"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/media?parent=10426"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/categories?post=10426"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsrise.net\/blog\/wp-json\/wp\/v2\/tags?post=10426"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}