Crypto Week Begins as Bitcoin Surges to $122K on Hopes of Major US Reforms

Bitcoin soared past $122,000 on Monday, hitting a record high as the United States kicked off “Crypto Week” — a pivotal moment for the global digital asset market. The week-long session will see Congress debate three landmark bills that could reshape how cryptocurrencies are regulated in the US.

The surge in Bitcoin, which has climbed 29% year-to-date, comes amid growing anticipation that the US will soon adopt a more supportive stance on digital assets. President Donald Trump, once a crypto skeptic, has pushed for regulatory clarity and criticized the Securities and Exchange Commission’s crackdown on crypto during the Biden era.

Key Legislation in Focus During Crypto Week

Starting July 14, the US House of Representatives will debate three crypto-focused bills:

  • The GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins): Already passed by the Senate, this bill aims to define when digital tokens are considered securities or commodities, offering startups clear regulatory guidance.

  • The Clarity Act: Prevents federal agencies from expanding their regulatory power through court decisions, reinforcing that Congress alone should classify and govern crypto assets.

  • The Anti-CBDC Surveillance State Act: Blocks the Federal Reserve from creating a central bank digital currency, citing privacy and surveillance concerns.

Together, these measures represent the most comprehensive federal crypto legislative package to date. If passed, they could pave the way for new digital asset products and attract sidelined capital back into the market.

Crypto Market Responds With Optimism

The crypto sector responded with enthusiasm. Ethereum also reached a five-month high at $3,048. The total cryptocurrency market cap now exceeds $3.8 trillion, according to CoinMarketCap.

“This is a defining moment,” said Jag Kooner, head of derivatives at Bitfinex. “Even if the bills stall, the signal to markets is strong — regulatory uncertainty is lifting.”

Trump’s Growing Ties to the Crypto Industry

Trump, who is now the first major-party US presidential candidate to accept crypto donations, has pledged to make the US the global hub for digital assets. His administration has floated the idea of creating a national crypto reserve and backing a “Crypto Blue-Chip ETF” through Trump Media & Technology Group.

His family has also launched meme coins such as $Trump and $Melania, raising eyebrows over potential conflicts of interest. In 2024, World Liberty Financial — a crypto fund tied to Trump and his sons — generated $57 million for the president.

Criticism from Democrats and Watchdogs

Not everyone supports the new legislation. Senator Elizabeth Warren and other Democrats warned the proposed laws could weaken existing securities regulations and enable illicit financial activity.

“I’m concerned my Republican colleagues are offering the crypto industry another handout,” Warren said. She also called for stronger anti-money laundering protections, warning that wallet anonymity could aid bad actors.

Bitcoin’s Growth Since Trump’s Re-Election

Since Trump’s re-election in November 2024, Bitcoin has climbed 75%, surging from $69,539 to its current record high. The rally continued despite temporary market jitters in February when Trump announced new global tariffs. Analysts at Citibank say Bitcoin has shown resilience, acting as a hedge in times of geopolitical and economic turmoil.

If Bitcoin were a country, its current value would place it among the world’s top 10 economies, rivaling Brazil and Canada.

As “Crypto Week” unfolds, all eyes are on Washington. The outcome could determine not just the future of digital assets in the US, but also the trajectory of a $3.8 trillion global industry.


Source: Al Jazeera