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'Crypto Week' pushes bitcoin to record high as lawmakers weigh 3 key bills in DC
Bitcoin (BTC-USD) rallied to a record high above $121,000 early Monday as Congress opens Crypto Week" in Washington that will see the House of Representatives weigh three key pieces of crypto-related legislation.
The rally in bitcoin has been accompanied by a surge in stocks with crypto ties, notably Coinbase (COIN), Robinhood (HOOD), and newly-public stablecoin issuer Circle (CRCL). Coinbase and Robinhood shares are trading at record highs, while Circle stock has gained over 500% since its IPO in June.
CCC - CoinMarketCap • USD # (BTC-USD)
The act is now set to come up for a vote on the House floor on Tuesday, with House Republican leadership looking to send the bill to President Trump as early as the same day.
Harder to pass will be the biggest ticket item on the docket this week: The CLARITY Act, a major legislative package, will assign oversight over all digital assets except stablecoins to either the Securities and Exchange Commission (SEC) or the Commodities Futures Trading Commission (CFTC), depending on the asset.
"Digital commodities," defined in the Act as those digital assets who value is tied to the use of the blockchain, will fall under the CFTC. Digital assets sold to investors as securities — with investment contracts — will largely be regulated by the SEC.
NasdaqGS - Nasdaq Real Time Price • USD # (COIN)
The third bill scheduled for a floor vote this week is the Anti-CBDC Surveillance State Act, which would prevent the Federal Reserve from creating a "central bank digital currency" (CBDC) and block the Fed Board of Governors from using a CBDC to enact monetary policy.
If the CLARITY and ANTI-CBDC acts pass in the House, they will then go to the upper chamber for consideration before reaching President Trump's desk if the Senate pushes them through.
Story Continues U.S. Vice President JD Vance delivers a keynote address at The Bitcoin Conference at The Venetian Convention & Expo Center on May 28, 2025, in Las Vegas, Nevada. (Photo by Ethan Miller/Getty Images) · Ethan Miller via Getty Images Click here for the latest crypto news, updates, and more related to ethereum and bitcoin prices, crypto ETFs, and market implications for cryptocurrencies
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