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Bitcoin surged above $120,000 in Asian trade on Friday, continuing its impressive rally and heading for its fourth consecutive weekly gain. The latest push was driven by optimism surrounding U.S. cryptocurrency legislation, with the U.S. House of Representatives clearing three bills aimed at establishing a clearer regulatory framework for digital assets.
At 01:55 ET (05:55 GMT), Bitcoin was up 1.7% to $120,552.80, just below its record highs of $123,000 earlier in the week. Although the cryptocurrency hit new heights, profit-taking at these levels, coupled with concerns over the final passage of the crypto bills, slightly tempered the gains.
U.S. House Approves Three Key Crypto Bills
On Thursday, the U.S. House of Representatives approved three landmark bills aimed at establishing a regulatory framework for the crypto industry. The most significant piece of legislation, the GENIUS Act, passed with bipartisan support in a 308-122 vote, following its approval by the Senate in mid-June. This bill is now on its way to President Trump’s desk for final approval.
The GENIUS Act mandates that stablecoin issuers maintain high-quality, dollar-equivalent reserves and undergo regular audits, while providing both federal and state-level supervision. This is expected to enhance trust in stablecoins, one of the most widely used types of cryptocurrency.
Alongside the GENIUS Act, two additional bills also passed the House:
- The CLARITY Act, which will help define whether digital tokens fall under the jurisdiction of the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).
- The Anti-CBDC Surveillance State Act, which prohibits the Federal Reserve from issuing a central bank digital currency (CBDC) without explicit Congressional approval.
These developments signal significant progress during “Crypto Week”, with market advocates and policymakers hailing the move as a crucial step toward a stable regulatory environment for the crypto industry.
Challenges Ahead for Full Regulatory Clarity
However, while the bills have passed the House, Senate approval is still required for the non-stablecoin legislation, and the market remains cautious until the final passage. Once fully implemented, these regulations could establish a clearer legal framework, potentially encouraging greater institutional adoption and consumer confidence in cryptocurrencies.
Altcoins Surge Amid Optimism
Most altcoins saw sharp gains on Friday, fueled by the optimism surrounding the regulatory developments.
- Ethereum (ETH), the second-largest cryptocurrency, surged 8.2% to $3,674.83, marking its highest level in over six months.
- XRP skyrocketed 15.4% to $3.63.
- Solana (SOL) rose 7%, while Cardano (ADA) jumped 14%.
- Polygon (MATIC) added 10% to its value.
In the meme coin category, Dogecoin (DOGE) surged 15.1%, and $TRUMP also gained 8%.
Conclusion
The momentum for Bitcoin and the broader crypto market remains strong, fueled by favorable regulatory developments and increased optimism for a clear, stable framework. Investors are closely monitoring the Senate‘s next steps on these bills, which could shape the future of cryptocurrency regulation in the U.S. The ongoing surge in altcoins also highlights growing investor confidence across the market.
