Bitcoin and crypto prices have rocketed over the last year as traders bet on U.S. president Donald Trump’s administration boosting prices (helped by Treasury secretary Scott Bessent issuing a huge crypto market prediction).
The bitcoin price topped $100,000 late last year and has rebounded back above the psychological level after plunging along with stocks as a result of Trump’s so-called Liberation Day of global trade tariffs—with a fresh bitcoin price crash fear suddenly emerging.
Now, as Coinbase issues a serious bitcoin price warning, Trump has said the Senate passing a key piece of stablecoin legislation will lead to “massive” crypto investment.
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U.S. president Donald Trump has predicted “massive” crypto investment as a result of the Genius Act … More
“The Senate just passed an incredible bill that is going to make America the undisputed leader in digital assets,” Trump posted to his Truth Social account, referring to the so-called Genius Act stablecoin bill and adding the U.S. is going to “show the world how to win” with bitcoin and crypto.
“Nobody will do it better, it is pure Genius! Digital assets are the future, and our nation is going to own it. We are talking about massive investment, and big innovation.”
The stablecoin market—dominated by Tether’s USDT and Circle’s USDC—has rocketed from almost zero 10 years ago to $250 billion today, with Wall Street, the world’s biggest retailers and Silicon Valley technology giants scrambling to grab a slice of the red-hot market.
This week, U.S. lawmakers in the Senate voted 68-30 to approve the bipartisan “Guiding and Establishing National Innovation for U.S. Stablecoins,” known as the Genius Act, which would establish a regulatory framework for stablecoins, legitimizing their use for issuers and custodians.
Before the bill can be sent on to U.S. president Donald Trump’s desk for his signature, it must be voted through the House of Representatives.
House lawmakers can either vote on it as written or pursue changes that will require a final round in the Senate.
“The House will hopefully move lightening fast, and pass a ‘clean’ Genius Act,” Trump said. “Get it to my desk, ASAP—no delays and no add ons.”
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The bitcoin price has surged over the last year, helped by U.S. president Donald Trump’s embrace of … More
Meanwhile, Trump’s crypto czar David Sacks has echoed a crypto market prediction made by U.S. Treasury secretary Scott Bessent, telling Bloomberg he expects the stablecoin bill will lead to the dollar-pegged stablecoin market surging 10-fold from $250 billion to trillions of dollars.
“The float is expected to grow from $250 billion to trillions of dollars,” Sacks said, adding he expects “blockchain-based infrastructure will be used as a new kind of dollar-based payment system,” calling it the “payments system of the future.”
Attention is now shifting to the crypto market structure legislation known as the Clarity Act, which has been described by senator Cynthia Lummis as step two in the Trump administration’s three-step plan for crypto legislation, with step three getting the bitcoin strategic reserve signed into law.
The Genius Act’s passage through the Senate “brings us one step closer to becoming a welcoming home for digital asset companies. Now, let’s finish the job and pass market structure legislation to fulfil [Trump’s] vision of becoming the crypto capital of the world,” Lummis posted to X.
