Crypto market explodes after success of Crypto Week in the USA
The crypto market is exploding following the success of Crypto Week in the US. On Tuesday, three new regulations that US President Trump wanted to introduce to strengthen the industry failed. Following his personal intervention, a second vote yesterday passed.
USA: Crypto laws passed after Trump intervention
Voting on the three crypto bills of Crypto Week entered the next round yesterday. The legislative package failed in the U.S. House of Representatives on Tuesday. The Democratic Party unanimously opposed the regulations, and individual Republican politicians rejected their passage due to concerns over details.
Following Tuesday’s failure, US President Donald Trump personally intervened. Trump wants to activate the legislative package as quickly as possible in order to position his home country as a crypto hub.
Trump has stated that he sought personal dialogue with some dissident Republicans. These are predominantly politicians from the conservative, crypto-friendly spectrum of the Republican Party.
Trump managed to find consensus with the critical voices. How the president did this is unknown. At least he was able to convince enough lawmakers to vote yes for the legislative package in the second round.
Previously, critics of the package from Republican ranks had expressed concerns – particularly about the exact wording of the stablecoin law GENIUS Act, which they believed did not protect against the establishment of a CBDC through the back door.
Despite the criticism, the House of Representatives passed the Crypto Week bills yesterday with 217 votes in favor, 212 against, and 3 abstentions.
“After the longest vote in history in the House of Representatives, Crypto Week continues,” announced Representative Bryan Steil after the election victory,
Crypto-friendly politician Greene continues to express concerns
Republican politician Marjorie Taylor Greene, considered conservative and crypto-friendly, continued to express concerns even after Trump’s intervention. She was the only member of her party to vote against the bill in the second election.
Greene issued her denial on X. She stated that she was dissatisfied with the drafting of the stablecoin bill GENIUS. Because the House of Commons was voting on the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act at the same time, she also rejected the two other bills.
“This week, the House of Representatives will vote on the GENIUS Act, which lays the foundation for a multi-layered central bank digital currency (CBDC) where Americans interact with stablecoins , but behind the scenes, the functional oversight capabilities of a CBDC are in place,” Greene explained.
Furthermore, the GENIUS Act does not respect the foundation of self-custody protection demanded by Trump. Greene’s criticism: The bill does not explicitly mention a ban on CBDCs or self-custody of cryptocurrencies or stablecoins.
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Crypto market explodes after success of Crypto Week in the USA
The significant impact the three new regulations could have on the crypto market is already evident in the reactions of many crypto prices. Among the top 10 coins, the gains are staggering.
The Ethereum price rose by 9.11 percent to $3,662 over the last 24 hours. XRP also saw massive gains, gaining 11 percent and trading at $3.27 at times.
Solana, currently the sixth-largest cryptocurrency, also experienced a notable increase, gaining 6 percent to $175.87. Cardano is up 9.80 percent and is trading at $0.81 as a result.
Three of the top 100 cryptocurrencies – CRV, FLOKI, and Fartcoin – achieved gains of over 20 percent in the daily trend. Bitcoin price $120434.
BTC is even below the market average, which rose by 1.86 percent over the last 24 hours to a total value of $3.82 trillion. Crypto investors hope that the new laws will lead to widespread popularization of digital assets. The GENIUS Act only requires Trump’s approval. The CLARITY and Anti-CBDC Acts must first be approved by the Senate.
