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Bitcoin is jumping holding over $105,000 following the Senate. It's actually just below $105,000 after the Senate advancing a major crypto regulation bill called the Genius Act. The bipartisan vote. Here with the latest, our very own Jennifer Schonberger. Hey Jennifer.

Hey Maddie, that's right. The crypto industry cheering this morning after a bill to regulate stable coins passed a key procedural hurdle in the Senate Monday night, paving the path forward for a vote on final passage as early as the end of this week. Now this bill had become a political football with Democrats arguing it doesn't prohibit President Trump and his family from profiting off issuing stable coins and didn't offer enough consumer protections. Those objections caused an initial vote on this bill to fail just a few weeks ago before senators regrouped. Now, while issues over consumer protections were addressed enough to get enough Democrats on board to support this bill. The bill does not expressly prohibit the president from issuing a stable coin, noting that just executive branch officials and members of Congress would be prohibited from issuing a stable coin. And even with changes, last night's vote really came down to the wire with Senator Elizabeth Warren taking to the floor with gusto expressing the same concerns the Democrats have had over the bill not banning the president from issuing a stable coin as well as reservations over stability, protecting against stability in the financial system. Now, what exactly does this bill do? Well, the legislation requires stable coin issuers to maintain one-to-one reserves in cash and cash equivalents. Issuers must disclose reserves publicly every month. Those with 50 billion or more in total issuance must submit audited financial statements annually. It also bans unbacked algorithmic stable coins guarding against a scenario if you recall, we saw a couple years ago when that unregulated algorithmic stable coin Terra Luna crashed, wiping out 60 billion held by consumers in just 72 hours. Now, the bill also closes that so-called tether loophole subjecting foreign issuers to the same rules as domestic issuers and empowers the Treasury secretary to delist them if they're not compliant. The bill also prohibits Big Tech companies like Meta and Amazon from issuing stable coins unless they can meet strict criteria regarding financial risk and consumer data privacy. Maddie, the Senate is now going to debate this bill and it will offer senators the opportunity to offer amendments. From there, they will vote on those amendments and they will need another 60 votes, so two thirds of that chamber to gain closure on this portion of the process before they can proceed to a final vote on this bill for passage. We could see that final vote as soon as the end of this week.