Cryptocurrency prices rose on Tuesday after President Trump announced a ceasefire between Iran and Israel.

Bitcoin surged past $105,000 by midday, Ether reclaimed the $2,400 level, and XRP advanced to $2.19.

Markets saw a wave of risk-on activity Tuesday, with stocks rallying on news of Mideast de-escalation.

Adding to the momentum, U.S Republican senators introduced a sweeping bill to establish a regulatory framework for cryptocurrency.

The bill aims to clearly define when a cryptocurrency is a commodity versus a security, allow exchanges to register with the Commodity Futures Trading Commission, and significantly curb the Securities and Exchange Commission’s authority over digital assets — a notable departure from SEC Chair Gary Gensler’s regulatory approach under President Biden.

The Senate’s passage of a stablecoin bill last week marked a significant legislative milestone for the crypto industry. The bill now heads to the House, where lawmakers are reviewing their own version.

While both versions ban yield-bearing consumer stablecoins, they diverge on which agency should take the lead in regulating the market.