Unpacking Why the “US Crypto Week” is Causing a Stir

Bitcoin has broken past the $120,000 mark for the first time, setting a new record and signaling a pivotal moment for the crypto market. The surge comes just ahead of what’s shaping up to be an important week for the industry in Washington.

Starting Monday, July 14, lawmakers in the House of Representatives are reviewing three key bills designed to create a clearer legal foundation for cryptocurrencies. The proposed laws are expected to provide long-awaited guidance for the sector and could change how digital assets are treated under U.S. regulations.

President Donald Trump has called for a shift in regulatory policy, urging lawmakers to move away from the aggressive stance taken by the SEC under President Joe Biden.

Bitcoin’s latest surge, which represents a 29% gain since the start of the year, reached $122,055. Its rally has also lifted the broader crypto market, with Ethereum rising to $3,048—the highest level in five months. Altogether, the total value of cryptocurrencies is now near $3.8 trillion.

The three bills being discussed during the “Crypto Week” include the GENIUS Act, which seeks to clarify when a digital asset is considered a security or a commodity, helping crypto startups better understand the legal landscape. The bill has already cleared the Senate.

The second is the Clarity Act, which would prevent government agencies from using court decisions to stretch their regulatory power, reinforcing that Congress should decide how digital assets are handled. The last bill is the Anti-CBDC Surveillance State Act, which would stop the Federal Reserve from introducing a central bank digital currency, arguing that such a system could threaten citizens’ financial privacy.

These efforts mark a shift in tone for an industry that has often threatened to leave the U.S. due to regulatory crackdowns. Crypto firms have repeatedly criticized regulators like the SEC for inconsistent or overly broad rules.

Democrats are expected to propose changes to the Clarity and GENIUS Acts. Critics, including Senator Elizabeth Warren, argue the new direction may give too much leeway to crypto firms. She also warned that it could undermine existing investor protections and open loopholes for financial crimes.

Bitcoin’s rally comes amid global instability, including Trump’s erratic trade tariffs and ongoing geopolitical tensions in regions like the Middle East and Ukraine. According to Citibank analysts, the cryptocurrency’s performance reflects its sensitivity to larger economic trends.

Crypto firms, such as Stronghold Digital Mining Inc. (NASDAQ: SDIG), will be following events in Congress to see the final language in the bills under consideration before assessing how those regulations could impact their trajectory.

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