Daijiworld Media Network – New York

New York, Jul 18: In a significant boost for the global cryptocurrency market, Bitcoin and Ether saw notable gains on Friday after the US Congress passed the first federal legislation to regulate stablecoins, marking a landmark moment in the financial regulation of digital assets.

Bitcoin climbed 0.6% to touch $120,162.01, maintaining its stronghold above the $119,000 mark, according to Bloomberg data as of 7:00 a.m. IST. The world's largest cryptocurrency had briefly dipped 0.4% on Thursday but has continued to draw strength from optimism surrounding the regulatory move. Notably, Bitcoin had recently touched an all-time high of nearly $123,000 on July 14.

Meanwhile, Ether surged as much as 6%, reaching $3,628, its highest price since January, as investor confidence returned to altcoins in the wake of the US government’s supportive stance on crypto assets.

The legislation, dubbed the Stablecoin Bill, is the centerpiece of what President Donald Trump has called "Crypto Week", aimed at integrating crypto technology more deeply into mainstream financial systems. The bill received broad bipartisan support, passing the House 308-122, and cleared the Senate as well — positioning it on track to be signed into law.

The bill seeks to bring federal and state oversight to dollar-backed digital tokens, also known as stablecoins, which are pegged to the US dollar and used for near-instant transactions across platforms. While stablecoins have so far been primarily limited to crypto trading, the bill now paves the way for their broader use in everyday business payments and global commerce.

With this move, the US is expected to set a global benchmark for crypto legislation, potentially influencing regulatory developments in other countries including India.

The crypto market is watching closely, as the newly established legal clarity could accelerate institutional adoption and promote mainstream financial integration of digital currencies.