The U.S. Senate is moving ahead with regulating the new stablecoin industry with the progress of the GENIUS Act.

Bitcoin hit a new all-time high above $109K as the U.S. Senate advanced the Genius Act, setting the stage for major crypto regulation.

Though a majority of members of the US Senate voted to advance a bill to regulate payment stablecoins on May 20, high-ranking Democrats are planning to propose an amendment to the legislation to address President Donald Trump’s connections to the cryptocurrency industry.

Bitcoin ( BTC 4.39%) set a new all-time high today, topping $111,000 for the first time ever. After reaching a previous all-time high in December 2024, Bitcoin declined roughly 30%, leading many to believe the bull run that saw it nearly double from September through December was over. However, in the last month, Bitcoin is up nearly 50%.

The passage of a U.S. stablecoin bill could be one of the most important regulatory developments in the history of crypto, the report said.

The Stablecoin bill, also known as GENIUS Act, is one step closer to becoming law, after the US Senate voted in favor of amending the bill.

A Republican senator insisted that efforts to make the U.S. the "crypto capital of the world" have positive implications for all Americans.

The U.S. Senate has passed the GENIUS Act, making regulated stablecoins a policy priority and hinting at fresh institutional crypto inflows.

Top Senate Democrats aren't relenting in their push to add guardrails for President Trump and others to landmark cryptocurrency legislation, Axios has learned. Why it matters: 18 Democrats voted earlier this week to advance the bill.

If passed into law, the GENIUS Act would establish the first comprehensive federal rules for stablecoin issuance, transparency, and reserve requirements.