Bitcoin Price, Other Cryptos Rise After Senate Advances Stablecoin Bill — Barrons.com

By Elsa OhlenBitcoin and other cryptocurrencies rose after a bill to regulate some cryptocurrencies passed a key hurdle late Monday.Bitcoin is up 1.8% over the last 24 hours to $105,185, according to CoinDesk data. The price of the world's largest digital coin spiked to close to $107,000 Monday evening, around the time senators voted 66-32 to pass the bill. The legislation is aimed at regulating so-called stablecoins — cryptos pegged to a fiat currency, typically the U.S. dollar.Ether, XRP and Solana also climbed but, like Bitcoin, gave back some of those gains in the following hours, possibly due to profit-taking. Early Tuesday, they were up between 2% and 5.5%, according to CoinDesk.The bill, or the GENIUS Act, aims to regulate only stablecoins, thereby excluding coins such as Bitcoin which are volatile in price. Tether and USD Coin are the biggest stablecoins by market value.The bill would create the first regulatory framework for stablecoins in the U.S. It would require issuers to hold reserves of liquid, safe assets as well as follow anti-money-laundering finance rules, among other provisions. It's seen by many in the sector as the first step toward a more crypto-friendly regulatory landscape, however, further efforts to effectively govern the sector might prove politically more divisive.Write to Elsa Ohlen at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.