US Prepares for Wave of Crypto Legislation as Bitcoin Sets New $120,000 Record

_{Photo credit: Frame Stock Footage / Shutterstock.com}

Bitcoin reached a new all‑time high of $120,000 on Monday (July 14, 2025), marking the first day of a pivotal week for cryptocurrency regulation for the US Congress. In what is being dubbed “Crypto Week”,  the House of Representatives will be discussing the Anti-CBDC Surveillance State Act, the Digital Asset Market Clarity Act, and the GENIUS Act.

In a bid to make the United States the “crypto capital of the world,” the Anti-CBDC Surveillance State Act aims to prevent the issuance of a government-controlled central bank digital currency without congressional approval. Meanwhile, the Clarity Act seeks to provide a regulatory framework for digital assets, and the GENIUS Act seeks to establish a regulatory framework for stablecoins in the United States. 

Crypto markets seem to have rallied in response. While Bitcoin’s all-time high has received considerable attention, Ethereum and other major tokens have also posted gains. 

Chairman Thompson said in a statement to the press,

Digital asset market structure legislation is long overdue. During many hearings, roundtables, and other events, we have heard from countless innovators, creators, professors, lawyers, and constituents. Time and again, we have heard the calls for regulatory clarity and certainty in this ecosystem.

Digital assets are fast entering the mainstream as lawmakers in Washington discuss the future of the sector, likely having significant impacts on the status of crypto both in the United States and around the world.