Bitcoin and crypto have surged this year as traders bet U.S. president Donald Trump’s administration will further boost the bitcoin price (helped by Treasury secretary Scott Bessent issuing a surprise crypto market prediction).

The bitcoin price has traded above $100,000 per bitcoin since early May after rebounding from Trump’s tariff-induced slump as rumors swirl of a looming, “extraordinary” White House update.

Now, as traders await an immient Federal Reserve bombshell, the U.S. Senate is poised to vote on the Trump administration’s landmark stablecoin bill, with Trump promising it will lead to the U.S. “dominating” bitcoin and crypto and expected to open up the crypto market to “trillions of tokenized dollars."

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This week, the U.S. Senate voted 68 to 30 to move forward the so-called Genius Act that would regulate stablecoins, setting the bipartisan bill up for a final vote that’s scheduled for Tuesday, June 17.

“The version of the Genius Act that we will invoke cloture on today reflects months of hard work and negotiations from members on both sides of the aisle,” Republican majority leader John Thune said in comments reported by Politico, adding, "it’s time to move forward and pass this legislation."