Bitcoin has scaled $120,000 for the first time, a major milestone for the world’s largest cryptocurrency in the run-up to what could be a landmark week.
Starting July 14, “Crypto Week” will see the US House of Representatives debate three industry-friendly bills that are likely to provide cryptocurrencies with the US regulatory framework that crypto insiders have long demanded.
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US President Donald Trump has urged policymakers to revamp their rules, away from the plethora of lawsuits brought against crypto firms by the Securities and Exchange Commission (SEC) under former President Joe Biden (2021-2025), in favour of the industry.
Expectations of further tailwinds helped propel Bitcoin, up 29 percent so far this year, to a record high of $122,055 on Monday. Bitcoin, the very first cryptocurrency, began trading in January 2009, when it was valued at just $0.004.
The surge has sparked a broader rally across other cryptocurrencies as Ether, the world’s second-most popular token, reached a five-month high of $3,048.2 on Monday.
More generally, the sector’s total market value has swelled to roughly $3.8 trillion, according to CoinMarketCap.
Cryptocurrencies are a form of monetary exchange that allows people to bypass central banks and traditional payment methods.
What is at stake?
US lawmakers will discuss three key pieces of legislation during “Crypto Week”:
- The GENIUS Act aims to clarify when digital assets like crypto tokens are considered securities or commodities, helping startups avoid legal uncertainty by providing clear regulatory rules. The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act has already passed the senate
- The Clarity Act would block federal agencies from using court rulings to overextend regulatory power, ensuring that Congress – and not courts – defines how crypto assets are classified and governed.
- The Anti-CBDC Surveillance State Act would prohibit the Federal Reserve from issuing a central bank digital currency (CBDC), arguing it could enable government surveillance of Americans’ financial activity and threaten individual privacy.
- Does the proposed legislation have critics?
- Democrats are expected to offer amendments to the GENIUS and Clarity Acts.
- Critics have argued that the Trump administration is conceding too much ground to the crypto industry.
- “I’m concerned that what my Republican colleagues are aiming for is another industry handout,” Democratic Senator Elizabeth Warren said on July 9 at a Senate Banking, Housing, and Urban Affairs Committee hearing.
- She urged Congress to bar public officials, including Trump, from issuing, backing or profiting from crypto tokens.
- Warren also argued that new crypto rules should not “open a back door to destroy” longtime securities laws, or allow volatility in the crypto market to spill over into the traditional financial system.
- Finally, she underscored that anti-money laundering rules should apply to the industry. Crypto users are identified by alphanumeric wallet addresses, not their names, allowing bad actors to obscure the source of their illicit funds.
- The Biden administration adopted a tough regulatory stance towards cryptocurrencies, aiming to oversee the digital assets as securities subject to the same regulations as stocks and bonds.