Bitcoin broke the $100,00 mark again as the U.S. stablecoin bill "GENIUS Act" was effectively passed.

The bill provides for the holding of 1:1 reserves by stablecoin issuers, anti-money laundering (AML) obligations, consumer protection, and oversight by federal and state regulators.

The U.S. Senate has effectively passed the stablecoin bill "Genius Act" as the bill secured preliminary approval in a vote, blocking an immediate filibuster.

The bill, which is now set for full-scale consideration, provides for the holding of 1:1 reserves by stablecoin issuers, anti-money laundering (AML) obligations, consumer protection, and oversight by federal and state regulators. It is also considered a bill to maintain U.S. dollar hegemony by enabling the institutional issuance of stablecoins.

According to the coin-specialized media Decrypt on the 20th, the U.S. stablecoin regulation bill "GENIUS Act" passed a preliminary vote in the U.S. Senate for deliberation at the plenary session.

The U.S. Senate's clocher system is a step before full-scale legislation is passed, and more than 60 people are required to approve it as a procedure that blocks the filibuster and allows the debate on the bill to begin. Considering that the bill is passed when more than 50 people are in favor of it in the U.S. Senate, Genius Act has already secured bipartisan support and is virtually guaranteed to pass.

Earlier, Genius Act was rejected once on the 10th due to opposition from the Democratic Party of Korea for lack of user protection measures. The bill provides for holding 1:1 reserves, anti-money laundering (AML) obligations, consumer protection, and oversight by federal and state regulators. It also includes provisions restricting the issuance of stablecoins by non-financial conglomerates.

If the bill is passed, there will be no problem using stablecoins in the United States.

Bitcoin also soared on the news. Bitcoin is trading at $106,740 as of 11:20 a.m. on the 20th, up 1.87% from 24 hours ago.

Bitcoin, which plunged after exceeding $107,000 the previous day, recovered all of its overnight falls.

JPMorgan CEO Jamie Dimon, who opposed Bitcoin, eventually allowed customers to buy Bitcoin. CEO Dimon recently said at JPMorgan Chase's Investor Day, "We will allow customers to buy Bitcoin through JPMorgan accounts."

Until now, Dimon has been a leading Bitcoin opponent and has criticized Bitcoin as being used only in crime or the underground economy. However, JPMorgan does not intend to do the custodian of Bitcoin directly.

Dimon still made skeptical comments about virtual assets on the same day. "We've already been talking about blockchain for 12 to 15 years," he said. "It doesn't seem as important as people think."

Meanwhile, listed company Streets, which has the largest number of bitcoin holdings in the world, bought 7,390 more bitcoin. MSTR purchased 7,390 Bitcoin for $764.9 million, according to Michael Sailor, chairman of Strategy on the 19th (local time). There are now 576,230 Bitcoin that Streets has. The price per unit is $69,726 dollars.