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Today in crypto, Bitcoin has topped $110,000 for the first time and continued to climb, Texas’ House passed a Bitcoin reserve bill, and DWF Labs’ Andrei Grachev said the GENIUS Act could legitimize stablecoins for institutions.<\/p>\n
Bitcoin (BTC<\/a>) rallied above $110,000 for the first time<\/a> late on May 21 after it gained over 3% in the past day and continued its rally early into May 22 to a high of nearly $112,000 as of 4 am UTC.<\/p>\n The cryptocurrency had well passed a a peak high of $109,458 that it hit earlier in the day, which was the first time it traded above its long-held Jan. 20 peak.<\/p>\n Bitcoin has gained around 20% this year and has nearly doubled since its slump to $75,000 on April 7, triggered by US President Donald Trump enacting sweeping tariffs that tanked global markets.<\/p>\n Bitcoin’s continued climb comes as US stock markets were rattled by a weak 20-year bond auction, which sent treasury yields soaring on May 21. The S&P 500 fell 80 points in half an hour while the Nasdaq and Dow Jones mirrored the move, with all US indexes trading down on the day.<\/p>\n Caroline Bowler, CEO of the Australian crypto exchange BTC Markets, said in a note to Cointelegraph that Bitcoin’s continued highs were “driven by institutional-grade infrastructure and stronger regulatory clarity.”<\/p>\n The Texas House of Representatives has passed the third reading of SB 21<\/a>, a bill that seeks to establish a strategic Bitcoin reserve in the state. The bill passed in a 101-42 vote and will now go to Texas Governor Greg Abbott to either sign into law or veto.<\/p>\n SB 21, authored by state Senator Charles Schwertner, establishes a Bitcoin (BTC) reserve that is managed by the state’s comptroller. The legislation allows the comptroller to invest in any cryptocurrency with a market cap above $500 billion over the previous 12-month period. Currently, the only cryptocurrency fitting the requirement is Bitcoin.<\/p>\n Before the vote, state Representative Giovanni Capriglione said to the chamber that the bill was a “pivotal moment in securing Texas’s leadership in the digital age with the passage of our strategic Bitcoin reserve. Now, we embrace a modern asset with traditional properties for future promise.” The bill passed in the Texas Senate<\/a> in a 25-5 vote on March 6.<\/p>\n Texas’s economy is the second-largest in the United States, with a gross domestic product of $2.7 trillion in 2024, according<\/a> to KVUE. If Texas were its own country, it would have the eighth-largest economy in the world.<\/p>\n If Abbott signs SB 21 into law, Texas will be the second US state to allow for the creation of a cryptocurrency reserve. New Hampshire became the first to do so on May 6 after Governor Kelly Ayotte signed House Bill 302 into law<\/a>.<\/p>\n Stablecoin adoption among institutions could surge<\/a> as the United States Senate prepares to debate a key piece of legislation aimed at regulating the sector.<\/p>\n After failing to gain support from key Democrats<\/a> on May 8, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act passed the US Senate in a 66–32 procedural vote on May 20 and is now heading to a debate on the Senate floor.<\/p>\n The bill seeks to set clear rules for stablecoin collateralization and mandate compliance with Anti-Money Laundering laws.<\/p>\n “This act doesn’t just regulate stablecoins, it legitimizes them,” said Andrei Grachev, managing partner at DWF Labs and Falcon Finance.<\/p>\n “It sets clear rules, and with clarity comes confidence. That’s what institutions have been waiting for,” Grachev told Cointelegraph during the Chain Reaction daily X spaces show<\/a> on May 20, adding:<\/p>\n “Stablecoins aren’t a crypto experiment anymore. They’re a better form of money. Faster, simpler, and more transparent than fiat. It’s only a matter of time before they become the default.”<\/p><\/blockquote>\n The GENIUS Act may be the “first step” toward establishing a “unified digital financial system which is borderless, programmable and efficient,” Grachev said, adding:<\/p>\n “When the US moves on stablecoin policy, the world watches.”<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":" Today in crypto, Bitcoin has topped $110,000 for the first time and continued to climb, Texas’ House passed a Bitcoin […]<\/p>\n","protected":false},"author":1,"featured_media":539,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[9],"tags":[],"_links":{"self":[{"href":"https:\/\/youragentpage.info\/index.php\/wp-json\/wp\/v2\/posts\/537"}],"collection":[{"href":"https:\/\/youragentpage.info\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/youragentpage.info\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/youragentpage.info\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/youragentpage.info\/index.php\/wp-json\/wp\/v2\/comments?post=537"}],"version-history":[{"count":3,"href":"https:\/\/youragentpage.info\/index.php\/wp-json\/wp\/v2\/posts\/537\/revisions"}],"predecessor-version":[{"id":544,"href":"https:\/\/youragentpage.info\/index.php\/wp-json\/wp\/v2\/posts\/537\/revisions\/544"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/youragentpage.info\/index.php\/wp-json\/wp\/v2\/media\/539"}],"wp:attachment":[{"href":"https:\/\/youragentpage.info\/index.php\/wp-json\/wp\/v2\/media?parent=537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/youragentpage.info\/index.php\/wp-json\/wp\/v2\/categories?post=537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/youragentpage.info\/index.php\/wp-json\/wp\/v2\/tags?post=537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Texas House passes strategic Bitcoin reserve bill<\/h2>\n
GENIUS Act “legitimizes” stablecoins for global institutional adoption<\/h2>\n