According to Stock Talk (@stocktalkweekly), Elon Musk publicly urged citizens to contact their senators and 'kill the bill' currently under debate in the U.S. Senate on June 4, 2025. The bill in question is widely reported to include new regulations impacting digital assets and cryptocurrency trading, potentially increasing compliance costs for exchanges and restricting certain decentralized finance operations (source: Stock Talk, June 4, 2025). Musk's high-profile intervention signals significant concern in the tech and crypto communities regarding the bill's potential to stifle innovation and reduce market liquidity. This development is likely to increase volatility for major cryptocurrencies as traders anticipate possible regulatory headwinds and shifts in U.S. policy.

According to Eleanor Terrett, a newly updated version of the Senate’s GENIUS Act that proposes a regulatory framework for payment stablecoins has been introduced on the Senate floor by Senators Hagerty, Tim Scott, and Lummis. This legislative development signals potential for clearer compliance requirements and increased institutional adoption of stablecoins, which could impact trading volumes and liquidity for USD-backed digital assets. The move follows comments from Senator John Thune to GOP senators and reflects growing bipartisan attention to crypto regulation in the U.S. market (source: Eleanor Terrett on Twitter, May 1, 2025).