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Bitcoin and Ethereum have declined, and the broader cryptocurrency market reacted negatively to news that the bipartisan GENIUS Act—Guiding and Enabling National Innovations for Unleashing Stablecoins—was expected to reach the Senate soon. However, the bill's future is now in doubt after nine Democratic senators opposed it in its current form.
In a statement released by the group, they said the current draft contains numerous issues that must be addressed. These include:
Republican Senator Bill Hagerty, one of the bill's co-authors, stressed the urgency of enacting stablecoin legislation. "We have a choice," Hagerty wrote. "Move forward and make any remaining necessary adjustments on a bipartisan basis—or show that digital asset and cryptocurrency legislation remains a solely Republican issue."
A key concern is whether stablecoin issuers hold enough liquid assets to maintain the stability of their tokens. Democrats are also concerned about potential competition between stablecoins and central bank digital currencies (CBDCs), which are currently being developed by the Federal Reserve.
The bill would require stablecoins to be 100% backed by US dollars and short-term Treasury securities (or other similarly liquid assets), with monthly public disclosure of reserves and annual audits for issuers with a market cap over $50 billion. It also introduces strict marketing standards, insolvency procedure guidelines, and other regulatory measures.
Despite the Democratic pushback, the wide support for this legislation suggests that the current obstacle is likely just a temporary setback.
Trading recommendations
Bitcoin (BTC) Buyers are currently targeting a return to the $94,700 level, which would open a path to $95,600, and from there, a move toward $97,100. The ultimate target is the $98,400 area; breaking above it could signal the end of the bear market. In case of a decline, buyers are expected around $93,300. A fall below that zone could quickly push BTC toward $92,300, with the next support at $91,300.
Ethereum (ETH): A firm hold above $1,828 paves the way to $1,853, with an extended target at $1,880—a level that could mark the end of bearish pressure. If ETH drops, buying interest is expected around $1,799. Falling below this could drag ETH down to $1,772, with the final downside target near $1,750.
Chart notes:
A price interaction with these moving averages often results in either a market slowdown or a fresh price impulse.
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