XRP Rises 6% as GENIUS Act moves forward in US Congress

XRP climbed 6% to $3.06 after the GENIUS Act advanced in the US Congress, signaling growing regulatory clarity for cryptocurrencies, according to CoinMarketCap. The proposed legislation would establish federal standards for stablecoins like Ripple's upcoming RLUSD, requiring full reserve backing, regular audits, and proper licensing.

Ripple has taken proactive steps by applying for banking approvals and partnering with BNY Mellon to custody dollar reserves. These preparations align with the bill's expected requirements, potentially making RLUSD one of the first compliant stablecoins.

Analysts note the development brings multiple benefits for XRP, including clearer utility token status, reduced US Securities and Exchange Commission (SEC) oversight, and stronger institutional confidence. 

The price movement reflects market optimism about Ripple's future in a more regulated cryptocurrency landscape.