US Senate Advances GENIUS Stablecoin Bill
The US Senate passed the GENIUS stablecoin bill, marking a pivotal moment for cryptocurrency regulation in the United States. The 68-30 vote moves the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act closer to becoming law. Introduced by Tennessee Senator Bill Hagerty, this legislation aims to modernize payment systems by enabling near-instant transactions nationwide.
The bill overcame initial hurdles, including a failed cloture vote in May tied to Democratic concerns about former President Donald Trump‘s cryptocurrency industry connections. Now heading to the House of Representatives, its future remains uncertain due to the slim Republican majority and potential amendments to its companion STABLE Act.
Thailand Approves Five-Year Crypto Tax Relief
Thailand has implemented a five-year tax exemption for cryptocurrency transactions to strengthen its position as a financial hub. Effective January 2025 through December 2029, the policy applies to trades made through licensed crypto asset service providers. Deputy Finance Minister Julapun Amornvivat stated this measure supports technological innovation and crypto-based fundraising.
The Thai government expects this initiative to boost the local crypto market while generating at least 1 billion baht ($30.7 million) in additional tax revenue. The policy aligns with Financial Action Task Force (FATF) anti-money laundering standards, ensuring secure trading environments.
Bitcoin Volatility Amid Geopolitical Uncertainty
Bitcoin prices fluctuated sharply following heightened Middle East tensions. A 2% drop occurred after former President Trump’s social media comments about Tehran. The cryptocurrency fell from $108,780 to $106,421 before partially recovering.
This volatility demonstrates how cryptocurrency markets respond to global events. Market participants should monitor geopolitical developments when engaging with digital assets.
