5 min readBitcoin has risen above 120k, trading just below its record high of 123k, while cryptocurrencies across the board are gaining ground. Ethereum has soared to 3600, and Ripple trades at a record high.
Gains in the sector come amid progress of crypto legislation in the House as Crypto Week comes to an end, and as President Trump is set to sign an executive order that would add cryptocurrencies as an investment option for the retirement market.
Trump is reportedly planning to sign an order that would allow American 401(k) retirement plans to invest in alternative assets outside of stocks and bonds, such as cryptocurrencies. According to the Financial Times, the executive order could be signed as soon as this week. Such a move would open the crypto market to the US retirement market, worth around $9 trillion.
This would be the latest development in a series of reforms surrounding crypto to align with Trump’s pledge to make the US the global capital of crypto. Last month, the FHFA ordered federal housing agencies Fannie Mae and Freddie Mac to consider accepting crypto holdings as an asset for loan assessments. In March, the OCC permitted national banks to engage in certain cryptocurrency activities, such as custody and some stablecoin activities.
All three crypto bills passed the House in Crypto Week
Crypto regulations have progressed, marking Crypto Week’s success as US House lawmakers passed three landmark pieces of legislation, including the Genius, Clarity, and Anti-CBDC Surveillance bills.
Genuis Act
On Thursday, House lawmakers passed the Genius bill in a 308-102 vote, sending the act to President Trump’s desk for signature, marking a significant win for the crypto industry.
The bill, the first major national crypto legislation, outlines clear rules for stablecoins and their issuers, including full backing of reserves by the USD and clear anti-money laundering guidance.
Clarity Act
The Clarity bill also passed in a 294-198 vote, moving the legislation forward to the Senate floor. The bill aims to establish clear rules defining the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in digital asset communication. Should the bill pass a final vote in the Senate, it would also head to Trump’s desk to be signed into law.
Anti-CBDC Surveillance State Act
The third bill, the Anti-CBDC Surveillance State bill, also passed in a close vote of 219-210. This bill aims to prevent the Federal Reserve from issuing a retail central bank digital currency (CBDC).
While there has been some uncertainty at the start of the week over whether these bills would progress, the Genuis and Clarity Acts received bipartisan support, surpassing expectations. Overall, Crypto Week has been a considerable success, resulting in significant progress in crypto legislation.
Why is this important? More clarity over rules and regulations is expected to spur more demand for crypto from institutions, corporations, and individuals, bringing it more into the mainstream. This helps drive demand, which boosts the price of Bitcoin and other cryptocurrencies, particularly those with real-world utility.
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