Today in crypto, the US Senate has passed the GENIUS stablecoin bill, marking a key step as the legislation moves to the House. Meanwhile, Thailand has suspended taxes on crypto income for the next five years, and Bitcoin returned gains amid rising tensions in the Middle East.
US Senate passes GENIUS stablecoin bill in 68-30 vote
The Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, is one step closer to becoming law in the US after the US Senate voted to pass an amended version of the bill.
In a Tuesday vote of 68-30, a majority of the US Senate chose to pass the GENIUS Act roughly six weeks after Tennessee Senator Bill Hagerty introduced the legislation. The bill’s companion, the STABLE Act, may be considered in the House of Representatives next, where it could face additional proposals for amendments.
“With this bill, the United States is one step closer to becoming the global leader in crypto,” said Hagerty from the Senate floor before the Tuesday vote, adding: “Once the GENIUS Act is law, businesses of all sizes, and Americans across the country will be able to settle payments nearly instantaneously rather than waiting for days or sometimes even weeks.”
The GENIUS Act initially failed a cloture vote in the Senate in May in response to Democratic opposition to US President Donald Trump’s connections to the cryptocurrency industry. The Trump family has a significant stake in World Liberty Financial, which issued its own USD1 stablecoin in March.
It’s unclear whether the stablecoin legislation will have enough support to pass in the House, where Republicans also hold a slim majority over Democrats. Trump’s AI and crypto czar, David Sacks, suggested in May that the president would support the bill passed by a Republican-controlled Congress.
Thailand approves five-year crypto tax exemption
Thailand has approved tax exemptions on income from the sale of cryptocurrencies like Bitcoin for five years, according to a Ministry of Finance announcement.
Thailand will waive the capital gains tax on crypto sales made through licensed crypto asset service providers in the period from Jan. 1, 2025, to Dec. 31, 2029, Deputy Finance Minister Julapun Amornvivat said in a statement issued on Tuesday.
According to the minister, the measure is designed to strengthen Thailand’s position as a global financial hub and one of the first countries to adopt laws for digital assets and their taxation.
The tax measure also aims to promote cryptocurrency trading in Thailand under the supervision of the Thai Securities and Exchange Commission (SEC) in compliance with Anti-Money Laundering (AML) policies recommended by the Financial Action Task Force (FATF).
In the statement, the minister highlighted the role of crypto assets in fundraising, which is an important use case for technology and innovation in Thailand.
According to the ministry’s estimations, crypto assets are projected to help the Thai economy expand and increase tax revenue in the medium term “by no less than 1 billion baht,” or $30.7 million.
Bitcoin dips amid reports Trump has called advisers to situation room
Bitcoin and cryptocurrency markets dipped after US President Donald Trump left a summit of world leaders and posted an ominous message about Tehran.
Trump has requested that the National Security Council be prepared in the White House Situation Room as he returned early from the G7 summit in Canada on Monday, Fox News reported.
The report comes just hours after Trump took to his social media platform, Truth Social, with a chilling message: “Everyone should immediately evacuate Tehran!”
Bitcoin prices reacted immediately with a sharp 2% decline as it shed more than $2,000 over the past few hours.
Bitcoin had earlier strengthened to an intraday high of $108,780, but the latest news sent it back to $106,421 before a minor recovery.
