Bitcoin Hits Record High As US Enters ‘Crypto Week': Why Cryptocurrency Is Soaring And Washington Is Racing To Regulate

India.com

7 hours ago

Washington D.C.: This week could become a turning point for crypto currency in the United States. Bitcoin has crossed $120,000 for the first time. At the same time, power, money and regulation are coming together in a way that may reshape how America deals with digital currency.
Starting July 14, the US House of Representatives began what insiders have dubbed 'Crypto Week', a legislative showdown that could redraw the line between government control and financial freedom in the digital age.
Three major bills are on the table. Their names sound technical, but their implications are seismic.
At the top is the GENIUS Act, which aims to draw clear lines between securities and commodities in the crypto world – giving startups regulatory breathing room. It has already passed the Senate.
Then there is the Clarity Act, which takes a swing at federal agencies like the U.S. Securities and Exchange Commission (SEC), trying to rein in their power and hand that authority back to the Congress.
And finally, the Anti-CBDC Surveillance State Act, which would ban the Federal Reserve from issuing a central bank digital currency – a pushback against fears of state-run digital surveillance.
In the eyes of many Republicans and of President Donald Trump in particular, this week is about liberation. No more lawsuits from the SEC. No more regulatory fog. Just 'innovation', 'freedom' and 'massive profits'. Trump has personally backed the industry's expansion, calling on lawmakers to ditch Biden-era restrictions and open the gates.
'Even if the bills stall, capital will flood back into the market,' said Bitfinex's head of derivatives Jag Kooner, speaking to Reuters.
And so far, he has been right. Bitcoin surged 29% this year alone, peaking Monday (July 14) at a jaw-dropping $122,055. Ethereum touched $3,048, its highest level in five months. The crypto market's total value now hovers near $3.8 trillion.
But the enthusiasm is hardly universal.
Senator Elizabeth Warren is furious. She has accused Republicans, and Trump himself, of turning the U.S. government into a playground for crypto billionaires. 'This looks like another industry handout,' she said during a tense Senate hearing on July 9.
She demanded a ban on public officials, including Trump, from issuing or profiting from crypto tokens – citing massive conflicts of interest.
Her concerns are not baseless. The Trump family's ties to crypto run deep. From meme coins like $Trump and $Melania to the World Liberty Financial group, which earned the president over $57 million, the Trump orbit has been flooded with crypto ventures.
And now, his team has filed with the SEC to launch a 'Crypto Blue-Chip ETF', further blurring the lines between public service and private fortune.
Trump's crypto awakening has been swift. Once a skeptic, he now frames himself as the industry's champion. During his 2024 campaign, he welcomed crypto donations, courted blockchain entrepreneurs and promised to make the United States 'the crypto capital of the world'. That promise seems closer to reality than ever before.
And it is paying off. Since Trump's re-election in November 2024, Bitcoin has skyrocketed 75%, vaulting from $69,539 on Election Day to record highs. At this point, Bitcoin's total value would place it among the world's ten largest economies, alongside Canada and Brazil.
But volatility has not vanished. In February, Bitcoin briefly dropped below $90,000 after Trump stunned markets with sweeping tariffs on U.S. allies. Still, the coin rebounded, and then some, after Trump doubled down on crypto by announcing a federal 'crypto reserve' that would include five digital currencies, including Bitcoin.
Amid global economic instability – trade wars, ongoing conflicts in Ukraine and the Middle East and wild market swings – Bitcoin has emerged as both a financial escape hatch and a political weapon. More than any other U.S. president, Trump has embraced it as both.
Supporters say this week marks the turning point for America's crypto industry. Critics say it is the beginning of its capture.
Either way, Crypto Week is here, and the stakes have never been higher. Whether it ends in boom or bust, one thing is certain that the lines between finance, politics and technology are being redrawn live on the floor of the Congress.
Washington D.C.: This week could become a turning point for crypto currency in the United States. Bitcoin has crossed $120,000 for the first time. At the same time, power, money and regulation are coming together in a way that may reshape how America deals with digital currency.
Starting July 14, the US House of Representatives began what insiders have dubbed 'Crypto Week', a legislative showdown that could redraw the line between government control and financial freedom in the digital age.
Three major bills are on the table. Their names sound technical, but their implications are seismic.
At the top is the GENIUS Act, which aims to draw clear lines between securities and commodities in the crypto world – giving startups regulatory breathing room. It has already passed the Senate.
Then there is the Clarity Act, which takes a swing at federal agencies like the U.S. Securities and Exchange Commission (SEC), trying to rein in their power and hand that authority back to the Congress.
And finally, the Anti-CBDC Surveillance State Act, which would ban the Federal Reserve from issuing a central bank digital currency – a pushback against fears of state-run digital surveillance.
In the eyes of many Republicans and of President Donald Trump in particular, this week is about liberation. No more lawsuits from the SEC. No more regulatory fog. Just 'innovation', 'freedom' and 'massive profits'. Trump has personally backed the industry's expansion, calling on lawmakers to ditch Biden-era restrictions and open the gates.
'Even if the bills stall, capital will flood back into the market,' said Bitfinex's head of derivatives Jag Kooner, speaking to Reuters.
And so far, he has been right. Bitcoin surged 29% this year alone, peaking Monday (July 14) at a jaw-dropping $122,055. Ethereum touched $3,048, its highest level in five months. The crypto market's total value now hovers near $3.8 trillion.
But the enthusiasm is hardly universal.
Senator Elizabeth Warren is furious. She has accused Republicans, and Trump himself, of turning the U.S. government into a playground for crypto billionaires. 'This looks like another industry handout,' she said during a tense Senate hearing on July 9.
She demanded a ban on public officials, including Trump, from issuing or profiting from crypto tokens – citing massive conflicts of interest.
Her concerns are not baseless. The Trump family's ties to crypto run deep. From meme coins like $Trump and $Melania to the World Liberty Financial group, which earned the president over $57 million, the Trump orbit has been flooded with crypto ventures.
And now, his team has filed with the SEC to launch a 'Crypto Blue-Chip ETF', further blurring the lines between public service and private fortune.
Trump's crypto awakening has been swift. Once a skeptic, he now frames himself as the industry's champion. During his 2024 campaign, he welcomed crypto donations, courted blockchain entrepreneurs and promised to make the United States 'the crypto capital of the world'. That promise seems closer to reality than ever before.
And it is paying off. Since Trump's re-election in November 2024, Bitcoin has skyrocketed 75%, vaulting from $69,539 on Election Day to record highs. At this point, Bitcoin's total value would place it among the world's ten largest economies, alongside Canada and Brazil.
But volatility has not vanished. In February, Bitcoin briefly dropped below $90,000 after Trump stunned markets with sweeping tariffs on U.S. allies. Still, the coin rebounded, and then some, after Trump doubled down on crypto by announcing a federal 'crypto reserve' that would include five digital currencies, including Bitcoin.
Amid global economic instability – trade wars, ongoing conflicts in Ukraine and the Middle East and wild market swings – Bitcoin has emerged as both a financial escape hatch and a political weapon. More than any other U.S. president, Trump has embraced it as both.
Supporters say this week marks the turning point for America's crypto industry. Critics say it is the beginning of its capture.
Either way, Crypto Week is here, and the stakes have never been higher. Whether it ends in boom or bust, one thing is certain that the lines between finance, politics and technology are being redrawn live on the floor of the Congress.