Bitcoin, Ethereum, Solana Gain After Senate Advances Stablecoin Bill

Bitcoin (BTC) rallied to over $106,700 on Monday night following the Senate’s vote to proceed with the GENIUS Act, aimed at regulating stablecoins and a key milestone for the cryptocurrency community. 

The gains faded slightly in early Tuesday trading, with Bitcoin’s price hovering near $104,800, still up 2.3% over the previous 24 hours, according to CoinGecko data.

Senators crossed the 60-vote threshold Monday night to push the GENIUS Act into a formal debate period, the next step before a final round of votes on stablecoin regulation.

The House of Representatives is advancing its version of the bill, which would establish guardrails for stablecoin issuers operating in the U.S.

This marks a turnaround from the May 8 vote, when Senate Democrats blocked the measure over concerns about consumer safeguards and national security implications.

Ethereum’s native token, Ether (ETH), gained 3.6% in the last 24 hours. Ethereum’s price, however, continues to trade below the $2,500 psychological threshold and is down 1.6% over the past seven days.

Solana (SOL) climbed 3.2%, while Ripple’s native token (XRP) rose 1.3%, and Dogecoin (DOGE) gained 1.7% in the last 24 hours. 

For the week, Solana’s price slipped by 4.8%, XRP’s price tumbled by 8.1%, and Dogecoin’s price fell by 4.1%.

The GENIUS Act is widely seen as a move toward more favorable crypto regulation, with the potential to bring blockchain payments into the mainstream financial system. 

Since President Donald Trump’s return to office and his self-declared role as the “Crypto President,” industry players have been optimistic about a shift in tone from Washington. 

That sentiment has been reinforced by recent actions from the Securities and Exchange Commission (SEC), which has begun withdrawing some of its legal challenges against companies like Coinbase (COIN) and Ripple.

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