The passage of a U.S. stablecoin bill could be one of the most important regulatory developments in the history of crypto, the report said.

Experts said the bill's passage could be a "watershed," allowing crypto to gain a stronger foothold in mainstream financial markets.

The U.S. Senate is moving ahead with regulating the new stablecoin industry with the progress of the GENIUS Act.

Bitcoin ( BTC 4.39%) set a new all-time high today, topping $111,000 for the first time ever. After reaching a previous all-time high in December 2024, Bitcoin declined roughly 30%, leading many to believe the bull run that saw it nearly double from September through December was over. However, in the last month, Bitcoin is up nearly 50%.

The GENIUS Act passed a cloture vote Monday less than two weeks after failing one. The stablecoin bill now heads to a full floor vote.

If passed into law, the GENIUS Act would establish the first comprehensive federal rules for stablecoin issuance, transparency, and reserve requirements.

The U.S. Senate has passed the GENIUS Act, making regulated stablecoins a policy priority and hinting at fresh institutional crypto inflows.

John Deaton has cautioned that if the GENIUS ACT does not pass there won't be any important crypto-related laws before the midterms.