US Senate Passes GENIUS Stablecoin Bill 🏛️
The United States Senate has taken a major step towards adopting innovative legislation with the passing of the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act. This landmark bill, which cleared the Senate with a 68-30 vote, paves the way for the US to strengthen its global leadership in the crypto space. Senator Bill Hagerty, the brainchild behind the bill, emphasized how this legislation could revolutionize payments, allowing Americans to settle transactions almost instantaneously.
The road to approval wasn't easy, as initial attempts in May faced hurdles due to opposition linked to President Donald Trump's cryptocurrency industry connections. However, support has rallied in the Senate, advancing the bill closer to becoming law, with the next stop being the House of Representatives.
Thailand's Five-Year Crypto Tax Holiday 🇹🇭
In a bold move to position itself as a financial trailblazer, Thailand has greenlit a five-year tax exemption for crypto income. This strategic decision aims to bolster Thailand's status as an international financial hub and encourage greater cryptocurrency trading, all under the meticulous watch of the Thai SEC and adhering to FATF's AML policies.
The tax relief, effective from January 1, 2025, to December 31, 2029, foregoes capital gains tax for crypto transactions through regulated platforms. This action is part of a broader plan to harness the potential of crypto assets in fueling economic growth and improving tax revenue by at least $30.7 million.
Bitcoin Jitters Amid Rising Tensions 🚨
Amidst escalating geopolitical tensions, Bitcoin markets felt the heat as President Trump ordered a convening of the National Security Council in response to a potential crisis in Tehran. The uncertainty led to an immediate 2% decline in Bitcoin's value, as traders and investors reacted to Trump's ominous advisory on social media.
From an intraday high of $108,780, Bitcoin dipped to $106,421, highlighting the sensitivity of crypto markets to geopolitical developments. Nevertheless, a minor recovery soon followed.
