Crypto Market Update: GENIUS Act Becomes First Federal Stablecoin Law in the US

Bitcoin and Ethereum price update

Bitcoin (BTC) was priced at US$117,488, down by 1.3 percent in the last 24 hours. The day's range for the cryptocurrency brought a low of US$117.409 and a high of US$119,529.

After hitting new highs this week, supported by optimism around US crypto legislation and continued institutional inflows, Bitcoin is consolidating. The crypto market is currently seeing a capital rotation from Bitcoin to altcoins, with Ethereum's token, ETH, exhibiting an exceptionally strong run.

Ethereum (ETH) was priced at US$3,555.99, up by 3.9 percent over the past 24 hours. Its lowest valuation on Friday was US$3,541.70, and its highest was US$3,657.81.

Altcoin price update

• Solana (SOL) was priced at US$117.28, up by 1.6 percent over 24 hours. Its lowest valuation on Friday was US$176.32, and its highest was US$181.52.

• XRP was trading for US$3.44, up 3.1 percent in the past 24 hours. The cryptocurrency's lowest valuation was US$3.36, and its highest was US$3.52.

• Sui (SUI) is trading at US$3.80, down by four percent over the past 24 hours and its lowest valuation of the day. Its highest was US$4.01.

• Cardano (ADA) was trading at US$0.8176, up by 1.9 percent over 24 hours. Its lowest violation was US$0.8152 while its highest was US$0.8591.

Today's crypto news to know

GENIUS Act becomes law

US President Donald Trump signed the GENIUS Act into law on Friday, establishing the first federal regulatory framework for stablecoins in the US. This marks a significant development for digital assets.

The act will take effect 18 months after the date of enactment, or 120 days after the primary federal payment stablecoin regulators issue any final implementing regulations.

In a statement, Securities and Exchange Commission (SEC) Chair Paul Atkins congratulated the House on the accomplishment, which was preceded by a tumultuous period on Tuesday (July 15) that saw a procedural vote fail.

This was followed by a successful bipartisan vote on Wednesday (July 16) to advance the bill, culminating in its overwhelming passage on Thursday (July 17). Atkins added that he will look forward to watching the market leverage the regulatory framework provided by the GENIUS Act” over the coming months and years.

Stablecoins are used to facilitate trading, payments, and transfers within the crypto ecosystem without the volatility of traditional cryptocurrencies like Bitcoin. Secretary of the Treasury Scott Bessent recently suggested that the law could help grow the stablecoin market to US$3.7 trillion by 2030.

Two other bills also passed the House during the so-called “Crypto Week”: one defining which crypto assets are securities or commodities, and another barring the Federal Reserve from launching a US central bank digital currency.

These bills will now proceed to the Senate, but the Genius Act's passage alone is already being hailed as a defining moment in the evolution of US crypto regulation.

Crypto market soars past US$4 trillion

The global market capitalization of the crypto sector has topped US$4 trillion for the first time, spurred by optimism following the US House’s passage of federal stablecoin legislation.

Investors are piling into altcoins and crypto-related equities as momentum builds behind Crypto Week in Washington. Ether led the charge with a 22 percent jump over five days, while Bitcoin soared to an all-time high of US$123,205 and continues to make up over half of the market’s total value.

The gains reflect confidence that a regulatory framework is finally taking shape in the world’s largest economy.

Analysts predict that the stablecoin sector alone could balloon to US$3.7 trillion by 2030, especially with state and federal guardrails in place. Exchange-traded fund inflows have been particularly strong this month, with US-listed Bitcoin and Ether funds attracting a combined US$8.4 billion in July.

SharpLink to raise US$6 billion for ETH acquisition

Following a 16,370 ETH acquisition on Sunday (July 13), a prospectus supplement filed with the SEC by online performance marketing company SharpLink on Thursday revealed the company increased the amount of common stock it can sell by an extra US$5 billion. Added to the US$1 billion in its initial May 30 filing, this brings the total offering to US$6 billion. SharpLink said it would use the funds to acquire more ETH.

Executive order will reportedly allow crypto in 401(k)s

Trump is reportedly expected to sign an executive order allowing American 401(k) retirement plans to include alternative assets like cryptocurrencies, as well as gold and private equity.

This development was reported by the Financial Times on Thursday, citing three individuals briefed on the plans, who added that the order would direct regulatory agencies to investigate the remaining hurdles preventing alternative investments in professionally managed funds.

In response, SEC Chair Paul Atkins expressed openness to the inclusion of cryptocurrencies in 401(k) retirement plans during an appearance on Bloomberg Talks, but emphasized the critical need for investor education.

Atkins has also indicated that the SEC is considering an innovation exemption within its regulatory framework. This exemption would aim to facilitate new trading methods and offer targeted relief to foster the growth of a tokenized securities ecosystem.