President Donald Trump is expected to achieve his first major win in cryptocurrency policy, as House Republicans are ready to endorse a Senate bill aimed at establishing new rules for stablecoins. The House plans to vote early next week on the Senate’s GENIUS Act, which would set up the first U.S. regulatory framework for stablecoins tied to the dollar’s value.
This bill, which gained bipartisan backing in the Senate in June 2025, is likely to be the first significant crypto regulation passed by Congress. Trump’s approval of the stablecoin bill could give a big lift to the crypto sector, which has faced challenges in becoming mainstream.
Supporters of crypto believe that official recognition from the U.S. government, along with a tailored regulatory framework for stablecoins that they have pushed for over the years, will enhance adoption and encourage traditional financial firms to engage more with digital assets. This law may also benefit Trump’s family, as his sons started a company last year that issues a stablecoin.
Mid-July, the House will also vote on a wider set of changes to crypto rules, surprising many users, including those who are just about to discover more about crypto. Additionally, there is a proposal to ban a central bank digital currency in the U.S. The House Rules Committee is scheduled to review the legislation, preparing for a possible vote on the floor.
The upcoming votes will conclude an effort by some House Republicans to bundle the crypto bills to pressure the Senate for action. This attempt was blocked by a public campaign from GOP senators, with Trump’s support, aimed at pushing the GENIUS bill through on its own.
Key Senate Republicans have promised to promote a separate market structure bill in September. While House Republicans plan to send the Senate stablecoin bill to Trump as it is, they still aim to modify it.
A new version of House Financial Services Chair French Hill’s broad market structure bill, revealed by the Rules Committee on Thursday, includes changes to the GENIUS Act. These updates would introduce new accounting rules and allow for commodity-backed stablecoins.
Additionally, the changes would adjust the requirement for public non-financial firms to gain approval from a review committee to issue a stablecoin, extending this rule to private companies as well.
BTC reaches above $113,000
Bitcoin reached a new record high on June 10, 2025, adding to its previous peak just a day before, as investors flocked to risky assets and closed short positions. The price of the leading cryptocurrency was up about 2% at $113,459.16, having previously hit a high of $113,863.18.
On Thursday afternoon, around $318 million in short positions were liquidated on centralised exchanges within 24 hours, according to CoinGlass. When traders short bitcoin using leverage and its price increases, they buy back bitcoin to close their positions.
This action drives the price higher and leads to more liquidations. Altcoins continued their rally for a second day, surprising many investors, including those who just want to discover more about crypto. Ether and Solana each rose by over 2%. Dogecoin and the Cardano token saw gains of more than 5% each, while XRP and Litecoin increased by 3%.
