Bitcoin has reached a record high of $120,000 amid a crucial week for cryptocurrency legislation in the US. Starting on July 14, the House of Representatives will debate three bills aimed at establishing a clearer regulatory framework for digital assets. The GENIUS Act seeks to clarify the classification of crypto tokens, while the Clarity Act aims to limit federal agencies' regulatory power. Bitcoin's surge has also positively impacted other cryptocurrencies, contributing to a total market value around $3.8 trillion, despite ongoing SEC lawsuits against crypto firms.
The GENIUS Act aims to clarify when digital assets like crypto tokens are considered securities or commodities, helping startups avoid legal uncertainty by providing clear regulatory rules.
The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act has already passed the Senate, reflecting a significant step toward regulatory clarity.
US President Donald Trump has urged policymakers to revamp their rules, away from the plethora of lawsuits brought against crypto firms by the Securities and Exchange Commission (SEC).
Expectations of further tailwinds helped propel Bitcoin, up 29 percent so far this year, to a record high of $122,055.
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