Associated Press Business Writer Michelle Chapman
Bitcoin hits an all-time high, exceeding $118,000 as flood floods moved to spot Bitcoin ETFs.
The soft US dollar and digital currencies familiarity in President Donald Trump’s administration have also helped push Bitcoin prices to unprecedented levels recently.
Last month, the Senate passed a law regulating the form of cryptocurrency known as stubcoins.
The rapidly moving laws come shortly after the 2024 campaign cycle, when the crypto industry ranked among the nation’s top political spenders, highlighting the growing influence in Washington and beyond.
Known as an act of genius, the bill establishes guardrails and consumer protection for stubcoin, a kind of cryptocurrency normally locked in the US dollar. The acronym stands for “Guidelines and Establishment of National Innovation for Stablecoins.”
Next week, the House will consider the Genius Act as part of Congress’s efforts to strengthen the crypto position of the country.
Original issue: July 11, 2025 10:05am EDT
