Crypto Rules Vote Sends Bitcoin to Record $117K

 

Washington Crypto Push Fuels Bitcoin Surge, $3.7T Market Awaits Rules
July 13, 2025 | NEW YORK

Bitcoin soared to a historic high of $117,333 Friday (+3.3%), capping a 26% annual rally as Congress prepares to vote on landmark crypto legislation next week. The broader market surged with ether (+5%) and XRP (+10%), lifting total crypto value to $3.67 trillion (CoinMarketCap).

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Key Developments:

The Genius Act: Establishes federal stablecoin rules requiring 1:1 dollar/T-bill backing and monthly reserve disclosures. Passed Senate with bipartisan support; expected to clear House and reach Pres. Trump for signing.

The Clarity Act: Would classify most tokens as commodities under CFTC oversight (not SEC), resolving a years-long industry battle. Faces tougher Senate path after House vote.

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Political Momentum:
President Trump, self-proclaimed "crypto president," backs both bills. His sons’ crypto venture, World Liberty Financial, drew ethics scrutiny, though the White House dismissed concerns.

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Market Impact:

Traders bet "crypto week" will deliver regulatory clarity sought since Bitcoin’s inception.

Crypto ETFs saw record inflows amid the rally.

Skeptics warn of hype: Citi’s Dirk Willer cautioned against premature "digital gold" claims, while Sen. Elizabeth Warren (D) criticized "lobbyist-driven" bills.

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House votes begin Monday. Genius Act could become law by week’s end; Clarity Act faces Senate negotiations. "Investors are racing to position before this publicity surge," said AJ Bell’s Dan Coatsworth (Reuters).

— Markets now watch whether regulatory certainty justifies record valuations.

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