USDThis Week’s Global Policy Recap: GENIUS Act Clears Senate With 66 Votes
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Senate Advances GENIUS Act with 66-32 Vote, Sparking Bipartisan Support for Crypto Regulation
The Senate recently voted 66-32 to advance the GENIUS Act, marking a significant bipartisan achievement with support from 16 Democrats who previously opposed it. Crypto advocates, including Bitwise CIO Matt Hougan, celebrated this vote, viewing it as a pivotal moment for U.S. dollar stability and crypto regulation, surpassing even the approval of spot bitcoin ETFs earlier this year. Hougan predicts the bill will pass this summer and trigger a long-term market rally, anticipating gains for Ethereum, Solana, and major DeFi tokens like Uniswap and Aave, as the legislation is expected to promote broader adoption and investment in cryptocurrencies.
Texas Lawmakers Pass Bill for Strategic Bitcoin Reserve; Gov. Abbott Expected to Sign
Texas lawmakers have passed Senate Bill 21, allowing for the creation of a strategic Bitcoin reserve, and Governor Greg Abbott is expected to sign it soon. The Texas Blockchain Council's President, Lee Bratcher, anticipates an initial investment of "tens of millions of dollars" in Bitcoin, which he deems modest for Texas's economy. If signed, Texas will become the third state with a Bitcoin reserve, following New Hampshire and Arizona. The bill aligns with broader trends, including President Trump's recent executive order on establishing a Strategic Bitcoin Reserve. Bitcoin recently reached an all-time high of approximately $109,400.
UK Implements New Crypto Regulations Effective January 2026, Aligning with US Standards
The UK government will enforce new crypto regulations starting January 1, 2026, requiring all crypto firms to collect and report extensive user and transaction data, including addresses and national insurance numbers, to HMRC. Non-compliance may result in fines of up to £300 per user, escalating for firms with large user bases. This move aligns the UK with US regulations, treating crypto assets as securities, diverging from the EU's MiCA framework. Finance Minister Rachel Reeves emphasized that these measures aim to enhance tax compliance, protect consumers, and position the UK as a leading hub for fintech innovation by the end of 2025.
Hong Kong Passes Stablecoin Bill, Establishing Licensing for Fiat-Backed Issuers by End of 2025
Hong Kong's Legislative Council has passed the Stablecoin Bill, introducing a licensing regime for fiat-backed stablecoin issuers. Institutions can begin applying for compliance with the Hong Kong Monetary Authority by the end of 2025. The law stipulates that stablecoins must be backed by legal tender, promoting innovation while ensuring investor protections. This regulatory framework is designed to position Hong Kong competitively in the global stablecoin market, offering clear guidelines for issuance and oversight. Through this initiative, Hong Kong aims to facilitate the growth of the digital currency ecosystem while safeguarding market integrity and consumer interests.
Russia Proposes Bill to Classify Bitcoin and Digital Currencies as Seizable Property
Russia's Ministry of Justice has proposed a bill to classify digital currencies, such as Bitcoin, as property that can be seized during criminal investigations. This legislation aims to improve the confiscation process by allowing law enforcement to seize physical devices holding access to digital currencies and to block transactions through court orders. Deputy Minister Vadim Fedorov emphasized the need to close legal loopholes hindering law enforcement's ability to manage crypto assets in crimes. The bill also calls for expert involvement to ensure the secure handling of these assets, and it is set for a first reading in the State Duma.
This article has been refined and enhanced by ChatGPT.
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