Today in crypto, Bitcoin has topped $110,000 for the first time and continued to climb, Texas House passed a Bitcoin reserve bill, and DWF Labs Andrei Grachev said the GENIUS Act could legitimize stablecoins for institutions.Bitcoin climbs above $110,000 for the first timeBitcoin (BTC) rallied above $110,000 for the first time late on May 21 after it gained over 3% in the past day and continued its rally early into May 22 to a high of nearly $112,000 as of 4 am UTC.The cryptocurrency had well passed aa peak high of $109,458 that it hit earlier in the day, which was the first time it traded above its long-held Jan.
20 peak.Bitcoin has gained around 20% this year and has nearly doubled since its slump to $75,000 on April 7, triggered by US President Donald Trump enacting sweeping tariffs that tanked global markets.Bitcoins weekly chart shows it has climbed out of a slump earlier this year.
Source: TradingViewBitcoins continued climb comes as US stock markets were rattled by a weak 20-year bond auction, which sent treasury yields soaring on May 21.
The S&P 500 fell 80 points in half an hour while the Nasdaq and Dow Jones mirrored the move, with all US indexes trading down on the day.Caroline Bowler, CEO of the Australian crypto exchange BTC Markets, said in a note to Cointelegraph that Bitcoins continued highs were driven by institutional-grade infrastructure and stronger regulatory clarity.Texas House passes strategic Bitcoin reserve billThe Texas House of Representatives has passed the third reading of SB 21, a bill that seeks to establish a strategic Bitcoin reserve in the state.
The bill passed in a 101-42 vote and will now go to Texas Governor Greg Abbott to either sign into law or veto.SB 21, authored by state Senator Charles Schwertner, establishes a Bitcoin (BTC) reserve that is managed by the states comptroller.
The legislation allows the comptroller to invest in any cryptocurrency with a market cap above $500 billion over the previous 12-month period.
Currently, the only cryptocurrency fitting the requirement is Bitcoin.Before the vote, state Representative Giovanni Capriglione said to the chamber that the bill was a pivotal moment in securing Texass leadership in the digital age with the passage of our strategic Bitcoin reserve.
Now, we embrace a modern asset with traditional properties for future promise.
The bill passed in the Texas Senate in a 25-5 vote on March 6.Texas State Representative Giovanni Capriglione presenting SB 21.
Source:Bitcoin LawsTexass economy is the second-largest in the United States, with a gross domestic product of $2.7 trillion in 2024, according to KVUE.
If Texas were its own country, it would have the eighth-largest economy in the world.If Abbott signs SB 21 into law, Texas will be the second US state to allow for the creation of a cryptocurrency reserve.
New Hampshire became the first to do so on May 6 after Governor Kelly Ayotte signed House Bill 302 into law.GENIUS Act legitimizes stablecoins for global institutional adoptionStablecoin adoption among institutions could surge as the United States Senate prepares to debate a key piece of legislation aimed at regulating the sector.After failing to gain support from key Democrats on May 8, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act passed the US Senate in a 6632 procedural vote on May 20 and is now heading to a debate on the Senate floor.The bill seeks to set clear rules for stablecoin collateralization and mandate compliance with Anti-Money Laundering laws.This act doesnt just regulate stablecoins, it legitimizes them, said Andrei Grachev, managing partner at DWF Labs and Falcon Finance.It sets clear rules, and with clarity comes confidence.
Thats what institutions have been waiting for, Grachev told Cointelegraph during the Chain Reaction daily X spaces show on May 20, adding:Stablecoins arent a crypto experiment anymore.
Theyre a better form of money.
Faster, simpler, and more transparent than fiat.
Its only a matter of time before they become the default.Source: CointelegraphThe GENIUS Act may be the first step toward establishing a unified digital financial system which is borderless, programmable and efficient, Grachev said, adding:When the US moves on stablecoin policy, the world watches.