Bitcoin hits record high as Capitol Hill turns to ‘crypto week'
The price of one bitcoin jumped above $122,000 on Monday morning, before falling to around $119,700 by midday. The token has repeatedly set new records over the past week ahead of the House's so-called 'crypto week.'
The lower chamber is set to take up three crypto bills — the GENIUS Act, the Digital Asset Market Clarity Act and the Anti-CBDC Surveillance State Act.
The GENIUS Act, which aims to create a regulatory framework for one type of crypto known as stablecoins, passed the Senate last month and would next head to President Trump's desk if it clears the House.
Trump has leaned on House lawmakers to pass a 'clean' stablecoin bill, dashing hopes of formally tying the GENIUS Act to the Digital Asset Market Clarity Act, also referred to as the CLARITY Act.
The CLARITY Act seeks to regulate the broader crypto market, divvying up oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
While the House no longer plans to tie the two bills together, it appears poised to move them side by side, in an effort to put pressure on the Senate to kick into gear on market structure legislation.
The upper chamber has yet to introduce its own version of the CLARITY Act, although it does appear to be ramping up its efforts. The Senate Banking Committee held hearings on the digital asset market in late June and early July, while the Senate Agriculture Committee is set to hold a hearing this week.
Sen. Cynthia Lummis (R-Wyo.), chair of the Senate Banking digital asset subcommittee, told The Hill last Wednesday she believes senators will release a discussion draft of market structure legislation this week.
Alongside White House crypto advisor Bo Hines, she and Senate Banking Chair Tim Scott (R-S.C.) said late last month that they're now aiming to pass the crypto bill by the end of September.
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