Bitcoin breaks $119K as U.S. begins crypto week push
GENIUS and CLARITY bills spark new crypto market rally
The upcoming week in the U.S. has been declared “Crypto Week” as the U.S. House of Representatives prepares to review the key GENIUS and CLARITY bills aimed at making the U.S. a global leader in digital asset policy.
From July 14 to 20, the House will debate the GENIUS Act (focused on stablecoins) and the CLARITY Act (focused on crypto market regulation). Analysts predict this will trigger a major bullish impulse — and they were right.
Already on Sunday, Bitcoin hit a new all-time high (ATH), surpassing $119,292. On the same day, Ethereum approached $3,000 again, while many altcoins surged. Stellar and Algorand rose by over 20%, Hedera gained 27%, and the meme coin PUDGY jumped 34%.
BTC price dynamics for 24 hours. Source: CoinMarketCap
According to CoinMarketCap, the GENIUS Act could unlock new financial opportunities and boost regulatory stability, attracting institutional investments and innovation in the U.S. digital asset sector. This clarity could also drive increased listings and trading volumes on American exchanges.
“Crypto Week will advance critical legislation and strengthen U.S. leadership in digital assets,” said Bo Hines, White House policy advisor on digital assets.
If passed, the GENIUS Act will allow private companies to issue stablecoins, provided they are fully backed by liquid assets. This could open the market to players like Walmart and Amazon while also strengthening the legal framework for existing stablecoins.
The industry craves clarity
The CLARITY Act seeks to clearly define the roles of U.S. regulators: the Commodity Futures Trading Commission (CFTC) will oversee most cryptocurrencies, while the Securities and Exchange Commission (SEC) will regulate crypto securities.
More than 60 major U.S. crypto companies previously urged the White House to pass CLARITY, citing that regulatory uncertainty threatens U.S. global leadership in the crypto industry.
Another proposal up for review is the Anti-CBDC Surveillance State Act, which would ban a central bank digital currency (CBDC).
While Democrats are expected to oppose the crypto bills, market experts anticipate major progress and, as a result, rising prices for BTC, ETH, and major stablecoins.
As we wrote, House Democrats oppose CLARITY and GENIUS cryptocurrency bills
