Bitcoin is making headlines again as its price climbed to $107,960, marking a four-month high and placing it within reach of its previous all-time peak of $109,288 set in January. This latest surge comes amid renewed optimism fueled by the U.S. Senate’s approval of the Genius Act, a significant legislative step aimed at regulating stablecoins, a key segment of the digital asset ecosystem.

Since hitting a low of $77,000 in early April, Bitcoin has surged 43%, with year-to-date gains now at 15%. The momentum appears tied to regulatory clarity and increased institutional interest.

Genius Act Gains Traction

The Genius Act, which passed the Senate with a 66-vote majority, sets out to impose clearer guidelines for stablecoin issuers. Stablecoins—digital tokens typically pegged to the U.S. dollar or other assets—are viewed as more stable and practical for transactions compared to volatile cryptocurrencies.

If signed into law by President Donald Trump, the bill would enforce several consumer protection measures. These include mandating that issuers maintain reserves backing their coins, prioritize creditor repayment in bankruptcy, and adhere to anti-money laundering and anti-terrorism regulations.

Supporters hail the Genius Act as a foundational framework for bringing more legitimacy and trust to the crypto sector. According to Christian Catalini, founder of the MIT Cryptoeconomics Lab, the legislation is a key step toward mainstream adoption. He believes it will create a more competitive landscape by allowing reputable players to flourish, offering consumers better options and protections.

“This bill eliminates the guesswork for users trying to separate credible projects from risky ones,” Catalini told ABC News, “and will promote innovation in the payments space.”

Criticism and Controversy

Not everyone is convinced. Critics argue that the bill lacks sufficient oversight and may expose consumers to risk, particularly by failing to curb illicit activity involving stablecoins.

Concerns have also been raised about potential conflicts of interest involving President Trump. In March, a Trump-aligned crypto venture, World Liberty Financial, launched a $1.5 billion stablecoin. Earlier this month, an Abu Dhabi-based firm used that token to invest $2 billion in Binance, raising ethical questions.

Senator Elizabeth Warren was particularly vocal, labeling the legislation as dangerously weak:

“A bad stablecoin bill is worse than no bill,” she said. “This one could allow political figures to reward buyers of their coins with perks like tax breaks or federal appointments.”

Although the bill includes a clause banning senior officials from issuing stablecoins while in office, Warren believes it doesn’t go far enough to prevent abuse of power.

JP Morgan Takes a Surprising Turn

Meanwhile, in a move that caught some observers off guard, JP Morgan Chase (NYSE:JPM) announced it will soon enable Bitcoin purchases for its clients—though it will not offer custody services for these digital assets.

CEO Jamie Dimon, once a fierce critic of Bitcoin, revealed the shift during the bank’s annual Investor Day. Despite his ongoing skepticism—he’s called blockchain overhyped and Bitcoin a vehicle for crime—the bank is adjusting its strategy in response to growing market demand.

JP Morgan is also experimenting with blockchain infrastructure. Its platform KInexys recently conducted a successful transaction on the Ondo Chain testnet, settling tokenized U.S. Treasury bonds, a milestone many see as a strong indicator of institutional progress in the blockchain space.