This morning, I got a newsletter email from Gemini, stating this:

"After a delay on Wednesday, the House of Representatives on Thursday passed the stablecoin-focused [Guiding and Establishing National Innovation for U.S. Stablecoins] (GENIUS) Act and the [Digital Asset] CLARITY Act, which provides a regulatory framework for the broader crypto industry. President Donald Trump is expected to sign the GENIUS Act into law on Friday, while the CLARITY Act will head to the Senate."

The blog post goes on to state this:

"The developments marked a staggering 180 after the CLARITY bill originally stalled late Wednesday, putting the long-anticipated "Crypto Week" into a state [of] flux because lawmakers from the Freedom Caucus wanted an add-on provision, banning a central bank digital currency, added to the CLARITY Act. Lawmakers eventually compromised by passing a third bill banning a central bank digital currency. It will now also head to the Senate.

"Meanwhile, the GENIUS Act provides the fast-growing stablecoin market [with] basic guidelines for issuers such as reserve requirements, audits, as well as consumer protection measures such as banning misleading marketing practices."

In Other News, Bitcoin Reaches $2.4 Trillion Market Cap

According to The Block, Bitcoin has surpassed Amazon as the world's fifth largest asset:

"Bitcoin’s price climbed above $122,000 early in the week, reaching an all-time high of almost $123,000 by early Monday. Bitcoin’s market cap reached roughly $2.4 trillion, placing it ahead of Amazon, Google, and other major assets before the price dipped slightly back down to around $118,000 by mid-week.

"Institutional adoption of US spot bitcoin ETFs has helped fuel the sustained inflows, which have exceeded $16 billion in recent weeks. At the same time, ample liquidity and expectations for Federal Reserve rate cuts have created a favourable backdrop."

To read the full blog article from Gemini, click here.