“Crypto Week” in Washington, D.C., has kicked off with significant momentum, as Bitcoin (BTC-USD) rallied to a new record high on Monday, touching above $123,000. This surge in the leading cryptocurrency, accompanied by strong performance from crypto-related stocks like Coinbase (COIN), Robinhood (HOOD), and newly public stablecoin issuer Circle (CRCL), coincides with the House of Representatives weighing three key pieces of crypto-related legislation.

Bitcoin’s Record High and Crypto Stock Surge

Bitcoin’s rally above $123,000 on Monday, July 14, represents a new all-time high, extending its impressive gains. This upward movement has had a ripple effect across the crypto market, significantly boosting stocks with ties to the digital asset space. Coinbase and Robinhood shares are trading at record highs, reflecting investor optimism for a more regulated and mainstream crypto environment. Stablecoin issuer Circle, which went public in June, has seen its stock gain over 500% since its IPO, demonstrating the market’s positive reception to regulated crypto entities.

Key Crypto Bills on the Docket

The legislative agenda for “Crypto Week” in the House includes floor votes on three crucial bills, all strongly backed by the Trump administration:

• The GENIUS Act: This bill, already passed by the Senate on June 17, is set to be the nation’s first federal framework for stablecoins. It aims to limit stablecoin issuance to regulated entities and requires that issuers hold reserves of dollars or other liquid assets on a one-to-one basis backing their stablecoins. The House Republican leadership is aiming to send this bill to President Trump for his signature as early as Tuesday, July 15. The GENIUS Act is seen as critical for bringing stability and trust to the rapidly growing stablecoin market.
• The CLARITY Act (Digital Asset Market Clarity Act): Considered the “biggest ticket item,” this major legislative package will assign oversight over all digital assets, excluding stablecoins, to either the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC), depending on the asset’s classification. Digital assets whose value is tied to the use of blockchain will generally fall under the CFTC as “digital commodities,” while those sold as securities with investment contracts will largely be regulated by the SEC. This bill seeks to provide much-needed regulatory certainty, a long-standing demand from the crypto industry. While a similar provision gained 71 Democratic votes last year, Republicans face an uphill battle to secure sufficient bipartisan support due to Democratic scepticism regarding the Trump family’s deep involvement in the crypto market and calls for robust ethics provisions.
• The Anti-CBDC Surveillance State Act: This bill is designed to prevent the Federal Reserve from creating a “central bank digital currency” (CBDC) and to block the Fed Board of Governors from using a CBDC to enact monetary policy. This legislation reflects concerns among some lawmakers about potential government overreach and surveillance if a digital dollar were to be implemented.

If the CLARITY and Anti-CBDC acts pass in the House, they will then move to the Senate for consideration before potentially reaching President Trump’s desk. The progress of these bills during “Crypto Week” underscores the increasing political clout of the cryptocurrency industry and its successful lobbying efforts in Washington, D.C.