What is the Bitcoin price?

US President Donald Trump stated on Truth Social that he is with 11 out of 12 Congressmen or Congresswomen required to pass the highly anticipated GENIUS Act.

The following is a list of Trump’s post, all 11 members have agreed to vote in favor of the legislation. The GENIUS Act aims at bringing more clarity to the US stablecoin market and a greater level of regulatory oversight. We’ll discuss whether the legislation has a positive effect on Bitcoin (BTC), and the wider cryptocurrency market.

Bitcoin: Can the GENIUS Act assist it to reach $140,000?

The GENIUS Act has nothing to do with the cryptocurrency market in general. This legislation is intended to address the uncertainties that exist in stablecoins. Stablecoins may not be directly tied to other crypto assets’ performance, but the new legislation might lead to an overall bullish market. A similar development would be beneficial to Bitcoin (BTC) as well as other crypto assets.

The GENIUS Act might pave the road for further legislative action in the crypto sector. The President has stated that the US crypto industry should thrive. Paul Atkins, a pro-Bitcoin politician is currently the head of SEC. Atkins said that financial watchdogs are focused on having regulations in place.

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Increased inflows of Bitcoin (BTC) could be a result of a possible bullish mood arising out the passage the GENIUS Act. The last few months have seen a significant absence of retail investors. Retail investors could be more active after the GENIUS Act is passed. This could result in Bitcoin (BTC), breaking the $140,000 barrier.

BTC may also not respond to the passage of the GENIUS Act. This legislation may lead to an increase in stablecoin adoption globally. This could lead to an increase in the adoption of US dollars, since most stablecoins have been pegged to US dollars.