Bitcoin has achieved a new high on Monday, reaching $123,000 for the first time as traders’ sentiments are buoyed by a prospect of regulatory tailwinds and expanding digital currency adoption. The price, then, pared its gains to slightly lower the $120,000 level afterward.
On July 14, the U.S. House of Representative began debating on three pro-industry bills, which were expected to provide a regulatory framework on U.S. crypto trading that has been highly demanded by digital asset insiders.
President Donald Trump has prompted lawmakers to revisit previous rules on cryptocurrencies, marking Washington’s shifting stance on crypto from the more stringent policies seen during the Biden era, which saw many crypto firms under lawsuits from the Securities and Exchange Commission (SEC).
This week, the U.S. policymakers will review three vital legislation to provide a clearer regulatory framework and establish boundaries for the government entities. The bills are as follows:
1) The Guiding and Establishing National Innovation for US (GENIUS) Act: this bill is set to provide a clarification on whether crypto tokens or the equivalence are considered securities or commodities. This bill is set to eliminate legal uncertainty for startups by providing clear regulatory rules. The bill has already passed the Senate.
2) The Clarity Act: this bill will prevent federal agencies regulatory overreach by blocking the use of court ruling. The bill will ensure congress sole authority on classifying and governing digital assets.
3) The Anti-CBDC Surveillance State Act: this bill will forbid the issuing of a central bank digital currency (CBDC) by the Federal Reserve, which the lawmakers are arguing that it could lead to government surveillance on U.S. citizens financial activity, threatening the individual privacy.
This reversal of policy aims to lure back crypto traders from conducting business from outside of the U.S. due to the previous administration’s
draconian treatment on crypto trading.
