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Senate Advances Genius Stablecoin Bill

NOE G

• 3 min read
Senate Advances Genius Stablecoin Bill

On Monday night the Senate advanced a crypto regulation bill known as the GENIUS act with a vote of 66-32 after a failed attempt to advance the bill earlier this month. This bill would create a regulatory framework for stablecoins (type of cryptocurrency tied to the value of an asset like the U.S. dollar) which would provide clear rules on usage while ensuring consumer protection. Stablecoins make up nearly $250 billion in the crypto market and the US want to be a leader in crypto. While the Senate still has some agreements between both parties one thing is forsure, both parties want rules and guidelines in place to protect consumer while ensure the US embraces stablecoins and leads the crypto revolution.

Strategy Buys 7,390 Bitcoins

Saylor buys again, this time Strategy bought 7,390 bitcoins spending $764.9 million at an average price of $103,498 per bitcoin. Strategy now holds 576,230 BTC valued at roughly $59 billion. This purchase now makes the average purchase price for Strategy at $69,726. The purchase was financed by an at-the-market (ATM) offering of its Class A common stock and some Series A STRK preferred stock.

Texas Closer to Sending Bill to Governor's Desk

Today the Texas House passed the second reading of SB 21 Bitcoin Reserve Bill. The vote was passed with overwhelming support of 105-23. Those in the poticial world state that the second vote is the most crucial and once passed the third and final vote is more procedural and should pass easily. Texas Governor Greg Abbott is a long-time supporter of Bitcoin and has provide support for President Trump's efforts to push crypto to the forefront of the US. It is very possible that SB21 bill could be fully passed and signed by Governor Abbott this week!

Chainlink the largest crypto oracle that feed outside data into crypto contracts just completed an upgrade which allows Chainlink to utilize cross-chain interoperability to Solana. This upgrade mark a significant step toward scalable and sustainable infrastructure for global blockchain interoperability. This move allows developers to reach Solana’s vast user base and growing decentralized application network. Chainlink is no longer limited to Ethereum environments and is now setup to work with Solana the most used and most profitable chain in all of crypto.

JPMorgan Customers Can Buy Bitcoin

CEO Jamie Dimon has been very outspoken about Bitcoin and continue to hold his position to this day however his company JP Morgan Chase will start to allow their customers to buy Bitcoin spot ETFs. Dimon stated, "I defend your right to buy Bitcoin. JPMorgan will not custody Bitcoin for clients but will include Bitcoin holdings on client statements. JPMorgan was begin left behind as its largest competitors Morgan Stanley and Goldman Sachs already started offering access to spot Bitcoin exchange-traded funds (ETFs) to clients after the SEC approved such products in January 2024. Its just a matter if time before all Banks and Financial institutions will offer Bitcoin to all their clients. Join in the party or get left behind.

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