Urgent Crypto News: US Stablecoin Bill Passes Senate, Thailand Offers Tax Break, Bitcoin Price Dips
Welcome to your daily dose of crypto news! The digital asset world is constantly moving, and today was no exception. From significant legislative steps in the US to favorable tax policies in Thailand and price movements influenced by global events, there’s a lot to unpack. Let’s dive into the key developments shaping the market today.
US Advances Stablecoin Bill Towards Law
A major development on the regulatory front occurred in the United States today. The US Senate took a significant step by passing the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act. This bill, sponsored by Senator Bill Hagerty, aims to create a framework for stablecoins in the US.
- The Senate voted 68-30 to pass an amended version of the bill.
- This moves the legislation closer to potentially becoming law.
- Its companion bill, the STABLE Act, may be considered next in the House of Representatives.
- Supporters argue the bill could position the US as a leader in the crypto space and enable faster payments.
- The bill faced previous hurdles, partly linked to concerns about US President Donald Trump’s connections to the crypto industry via World Liberty Financial.
Whether the bill will garner enough support in the House remains to be seen, especially with potential amendments and the existing political dynamics.
Thailand Crypto Tax Exemption Approved for Five Years
In a move designed to bolster its position as a financial hub, Thailand has approved a significant tax exemption for cryptocurrency investors. The Ministry of Finance announced that income from the sale of cryptocurrencies will be exempt from capital gains tax for five years.
- The exemption applies to sales made through licensed crypto asset service providers.
- It covers the period from January 1, 2025, to December 31, 2029.
- The measure aims to promote crypto trading under the supervision of the Thai SEC and in compliance with AML policies.
- Officials project this could help the Thai economy grow and increase tax revenue in the medium term.
This favorable tax policy highlights Thailand’s commitment to integrating digital assets into its financial system and promoting investment and innovation in the sector.
Bitcoin Price Reacts to Rising Geopolitical Tensions
Geopolitical events continue to influence the volatile crypto market. Today, the Bitcoin price saw a dip following reports regarding US President Donald Trump’s early return from a G7 summit and an ominous message posted on his social media platform, Truth Social.
Reports indicated Trump requested the National Security Council be prepared in the White House Situation Room. Shortly after, he posted a message stating, “Everyone should immediately evacuate Tehran!”
The market reaction was swift:
- Bitcoin prices declined sharply by 2%.
- BTC shed over $2,000 in a few hours.
- The price fell from an intraday high of $108,780 to $106,421 before showing a minor recovery.
This event underscores how global political developments, even those outside the traditional financial sphere, can trigger immediate price movements in the cryptocurrency market, particularly for assets like Bitcoin.
Summary: A Day of Regulatory Moves and Market Sensitivity
Today’s crypto news highlights the diverse factors impacting the digital asset landscape. The US is progressing on crypto regulation with the potential passage of a stablecoin bill, while Thailand is adopting favorable tax policies to encourage adoption and investment. Simultaneously, the sensitivity of the Bitcoin price to geopolitical tensions serves as a reminder of the market’s complex interplay with global events. Staying informed on these regulatory, tax, and market dynamics is crucial for anyone involved in the crypto space.
