Bitcoin vaulted past $123,000 early Monday, its highest level since April, as traders cheered a rare display of bipartisan momentum in Washington: the U.S. House of Representatives is set to devote the entire week to three landmark digital-asset bills.
At 5 a.m. ET, the world’s biggest cryptocurrency traded up roughly 3 % on the day. Ether hovered near $6,600 and Ripple’s XRP gained about 5 %, lifting total crypto-market capitalization to roughly $3.8 trillion.
What’s on the House docket
Lawmakers have branded July 14-18 “Crypto Week,” with floor votes expected on:
| Bill | Core aim |
|---|---|
| CLARITY Act (Digital Asset Market Clarity Act) | Shifts primary spot-market oversight for most tokens from the Securities and Exchange Commission to the Commodity Futures Trading Commission. |
| GENIUS Act (Guiding & Establishing National Innovation for U.S. Stablecoins) | Creates a federal licensing regime for dollar-pegged stablecoins, including explicit reserve rules. |
| Anti-CBDC Surveillance State Act | Pre-emptively bans the Federal Reserve from issuing a retail central-bank digital currency. |
Speaker Mike Johnson and committee chairs French Hill (Financial Services) and Glenn Thompson (Agriculture) say the package will “deliver the full scope of President Trump’s digital-asset agenda” and cement U.S. leadership in crypto innovation.(Financial Services Committee)
Why prices popped
- Regulatory clarity: Moving jurisdiction to the CFTC, which historically takes a lighter-touch, commodity-style approach, is viewed by traders as a green light for spot-market growth in the U.S.
- Stablecoin framework: Institutional investors see the GENIUS Act as a catalyst for banks and payment firms to issue fully regulated dollar tokens—fuel for broader on-chain liquidity.
- CBDC ban: The bill aligns with industry fears of a government-controlled digital dollar competing with private tokens. Blocking it outright removes a perceived overhang.
“Legislative progress in Washington is finally catching up with market reality,” said Stephen Innes, managing partner at SPI Asset Management. “A comprehensive federal rulebook would open the door for new U.S. capital without the existential threat of an SEC crackdown.”
What happens next
- House vote timing: Leadership hopes to pass all three measures by Friday evening; Senate action remains less certain, but Majority Leader Bernie Sanders has signaled an openness to merging market-structure language with an existing payments-innovation bill.
- White House stance: President Trump has repeatedly urged Congress to “unleash American crypto dominance” and is expected to sign the bills quickly if they reach his desk.
- Market signals: Options open-interest shows growing demand for $130K-to-$150K BTC calls expiring in September, suggesting traders are bracing for further upside if legislation clears.
Key levels to watch
| Asset | Price (Jul 14, 05:00 ET) | Weekly change | Resistance | Support |
|---|---|---|---|---|
| Bitcoin | $122,800 | +9 % | $125,000 (April swing high) | $115,000 (20-day MA) |
| Ether | $6,580 | +7 % | $6,800 | $6,200 |
| Total crypto-mkt cap | $3.80 trn | +8 % | $3.95 trn | $3.55 trn |
Analysts caution that failure to pass the bills—or amendments reviving tougher SEC language—could spark a swift pullback. For now, traders appear convinced Capitol Hill is poised to deliver the most crypto-friendly slate of laws since Bitcoin’s genesis block.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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