On July 3, the White House announced that the week of July 14 would be observed as ‘Crypto Week’ to discuss three important bills — the GENIUS Act, the CLARITY Bill, and the Anti-CBDC Surveillance Act. As the week began on Monday, the announcement drew mixed reactions from the market, with Bitcoin trading activity increasing as investors expected possible regulatory updates.
What Happened So Far in Crypto Week?
U.S. President Hailed Crypto Week:
On Tuesday, US President Donald Trump cheered, “Happy Crypto Week,” while urging the Republican House to vote in favor of what he calls “tremendous bills.” he reiterated that digital assets are the future of the US nation, and this could make the US the global leader.
Trump stated, “This is our moment – Digital assets, GENIUS, clarity! It is all part of Making America Great Again, bigger and better than ever before. We are leading the world, and will work hard with the Senate and the House to get even more legislation on this passed!”
The Bills Stalled: Republicans Joined Democrats
After several hours, a bunch of Republicans joined the Democrats to prevent the legislation from coming to a vote or debate. Previously, Congress leaders, Maxine Waters and Stephen Lynch, announced “anti-crypto corruption week” to stop the US president’s nefarious intentions with digital assets in the name of legislation. At the time, they did not receive any support.
However, now with the support of 13 Republicans, the bills were blocked from advancing further. The group of Republicans and Democrats opposed to join the procedural vote to bring the three crypto bills to the floor.
Impact on Bitcoin Trade
Crypto investors have been anticipating Bitcoin to hit new records as US lawmakers prepare to reinforce regulations in digital assets. Bitcoin trade indeed reached new records with trading above $120,000 on the first day of crypto week.
Investors’ Confidence Boosted in Stablecoins
The GENIUS Act is one of the major bills under consideration in crypto week. The bill aims to establish an enhanced framework for US dollar-pegged stablecoin and create a pathway for companies to issue digital dollars. Xu Han, the director of Liquid Fund at HashKey Capital, said this bill has boosted investors’ confidence in stablecoins while providing clarity.
