Stock market today: Dow, S&P 500, Nasdaq futures slip amid warnings that tariff risks are still in play

Bitcoin (BTC-USD) gained 2% to trade above the $104,000 level as a crypto industry push for stablecoin legislation cleared a key hurdle on Monday night.

Cryptocurrencies rose broadly after a bill to regulate stablecoins passed a procedural vote in the Senate. The bill still faces some opposition as it advances to the next stage, in which senators will have the option to offer amendments.

Yahoo Finance’s Jennifer Schonberger reports that the legislation that advanced in the Senate Monday night holds stablecoin issuers to strict reserve requirements, requiring them to maintain one-to-one reserves in cash and cash equivalents. It also bans unbacked, algorithmic stablecoins.

Meanwhile, crypto became even more enmeshed in the global financial system after Coinbase (COIN), $60 billion crypto exchange, joined the S&P 500 (^GSPC) yesterday. In today’s Morning Brief, Yahoo Finance’s Hamza Shaban details how the move signals a growing sense of legitimacy and security around crypto amid a shaky year for traditional assets. You can read more about that here.

Coinbase stock rose 1% in premarket trading.