Why The Stablecoin Bill Passing Could Push Bitcoin to $175,000

Congress may finally be prepared to pass groundbreaking legislation on stablecoins after clearing a key hurdle on Monday.

The so-called GENIUS Act cleared the 60 votes necessary to advance to a full vote by a tally of 66 to 32.

The bill’s co-sponsors are feeling confident the bill will now head towards a final vote in the Senate as soon next week. According to crypto analysts, including Fundstrat’s Sean Farrell, that could spark another massive Bitcoin rally.

Farrell says Republicans and Democrats coming together to pass the GENIUS Act could be a bellwether of pro-crypto bipartisanship taking a massive step forward.

“Whether there's a cause and effect here, I think narrative-wise, it certainly increases the likelihood of some material [Bitcoin Reserve legislation] getting across the finish line,” he said. “I think speculation around [a U.S. strategic Bitcoin reserve] is one element that could take us up to that $175,000 Bitcoin target." Right now, Polymarket odds have the likelihood of a U.S. Bitcoin reserve passing this year at about a coin flip.

Of course, there has been much debate from crypto advocacy groups around the best path to continue building momentum among both parties. One line of thinking, previously championed by Coinbase’s Brian Armstrong, was to group the stablecoin push into a larger, more cohesive market infrastructure bill. Many pushed back on that after witnessing how difficult even a more mild stablecoin bill has become.

The bill failed in its first cloture vote earlier this month 48-49 after losing more than a few Democrats in the process following President Trump’s own crypto endeavors with his memecoin and new stablecoin issued via World Liberty Financial. Even pro-crypto advocates, like former Massachusetts candidate for Senate John Deaton, criticized Trump’s personal crypto projects coming at the worst possible time.

“Crypto is going to be back to Republican versus Democrat, and that's the last thing we want is technology to become such a partisan issue,” Deaton told Coinage ahead of the vote. “Let's just not do that and let's move forward with what's in the best interest of America.”

Key Democrats, including the bill’s original co-sponsor Sen. Kirsten Gillibrand signed back on after additional provisions were added around consumer protections and limits on tech companies issuing stablecoins. A final vote is expected before the Senate breaks for Memorial Day recess.

Coinage members can watch our full episode above ad-free, or later on our YouTube channel to burn $PLYBTN automatically. To support our community-owned outlet, own it with us, and unlock other exclusive benefits, mint one of our Membership Passes today or Stake with us today!