Bitcoin’s price climbed to $106,200 on May 20, 2025, marking a significant uptick in the cryptocurrency market. This surge coincided with the U.S. Senate’s advancement of the GENIUS Act, a bill aimed at regulating stablecoins—digital assets pegged to traditional currencies like the U.S. dollar. The Senate passed the bill with a 66-32 vote, signaling strong bipartisan support.
The GENIUS Act proposes a regulatory framework requiring stablecoin issuers to maintain reserves of safe, liquid assets and adhere to anti-money laundering regulations. While Bitcoin itself isn’t directly affected by this legislation, the move is seen as a positive step towards broader cryptocurrency regulation, potentially increasing institutional trust and adoption.
Other cryptocurrencies also experienced gains, with Ether, XRP, and Solana rising between 2% and 5.5%. However, some of these gains were later offset, possibly due to profit-taking.
