Bitcoin reached a new all-time high of $122,838 on Monday, briefly pushing its market capitalization above $2.4 trillion, and for a moment, making it more valuable than Amazon. The rally marks a nearly 100% increase since July 2024, and has catapulted Bitcoin into the ranks of the world’s top five most valuable assets.
The surge coincided with a pivotal moment in Washington, as the U.S. House of Representatives passed three landmark cryptocurrency bills: the GENIUS Act, CLARITY Act, and the Anti-CBDC Surveillance State Act. The trio of legislation was approved as part of what House leaders dubbed “Crypto Week,” aimed at reshaping how digital assets are treated in the American financial system.
“These pieces of legislation further the President’s pro-growth and pro-business agenda and provide a clear regulatory framework for digital assets,” said House Majority Leader Steve Scalise, underscoring Republican enthusiasm for the bills.
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President Donald Trump signed the GENIUS Act into law on Friday, July 18, following its earlier approval by the Senate. This marked a historic step in the integration of cryptocurrencies into traditional finance and reinforced Trump’s evolving posture as a champion of the crypto industry.
“I pledged that we would bring back American liberty and leadership and make the United States the crypto capital of the world, and that’s what we’ve done,” Trump said during a signing ceremony for the GENIUS Act at the White House.
The GENIUS Act, which passed the House in a 308–122 bipartisan vote, lays the foundation for a regulated stablecoin market, mandating 1:1 reserves and independent audits. The CLARITY Act delineates federal agency jurisdiction over crypto assets, addressing years of ambiguity that have fueled lawsuits between the SEC and major exchanges.
Meanwhile, the Anti-CBDC Surveillance State Act, which narrowly passed by 219–210, bans the Federal Reserve from issuing a central bank digital currency (CBDC), amid growing privacy concerns among conservatives and libertarian lawmakers.
In a now-deleted Truth Social post earlier in the week, Trump claimed to have personally met with “11 of the 12 Congressmen/women necessary to pass the GENIUS Act” to secure final support. Though the details of that meeting remain unverified, multiple reports confirm Trump took an active role in lobbying holdouts, positioning the legislation as a win for innovation and American competitiveness.
The ripple effect in the markets has been dramatic. Bitcoin’s price has far outpaced even the broader equities market, which itself is hovering near record highs. Ethereum, XRP, and Solana also posted strong gains as investors celebrated what appears to be the clearest legislative signal yet that the U.S. is ready to embrace digital assets.
While the market rejoiced, some lawmakers were less enthusiastic. Rep. Maxine Waters sharply criticized the GENIUS Act, calling it a “Trojan horse for deregulation” that endangers consumers. She warned that the bill strips the Federal Reserve of sufficient oversight, and that it may allow stablecoin issuers to operate like shadow banks under state supervision.
Yet for crypto’s biggest backers, this week delivered the certainty they had long lobbied for. Forbes estimates that the biggest billionaire winners over the past year include prominent Bitcoin holders, although Changpeng Zhao, crypto’s richest individual and founder of Binance, appears to hold little or no Bitcoin himself. The Forbes Billionaires List also noted that Bitcoin’s sharp rise has led to a massive jump in the net worth of several U.S.-based crypto investors, venture capitalists, and early adopters.
The passage of these laws may also benefit Trump personally. Earlier this year, his investment vehicle World Liberty Financial launched a U.S.-based stablecoin named USD1, which Forbes has valued at more than $100 million. While there is no confirmed link between the legislation and USD1’s market performance, insiders estimate its value has surged by more than 30%, adding tens of millions to the president’s net worth. However, these estimates remain speculative and unverified by independent financial disclosures.
Even so, the broader message is clear: Washington is no longer ignoring crypto. With Bitcoin leading the charge and policy finally catching up to innovation, a new chapter has opened for digital finance in the U.S.