- US House passed all three key crypto bills: the CLARITY Act, GENIUS Act, and Anti-CBDC Surveillance State Act.
- Despite the “historic” legislative wins, crypto markets remained flat, with Bitcoin down 0.89% to $118,849.
- The GENIUS Act (stablecoins) is the first major crypto bill to clear both chambers and is now on President Trump’s desk.
The US House of Representatives has delivered a week of landmark legislative victories for the cryptocurrency industry, passing all three key bills aimed at providing long-sought regulatory clarity.
However, in a striking display of market apathy, this historic breakthrough in Washington has been met with a collective shrug from crypto traders, with prices remaining largely flat.
In what many industry proponents are calling a watershed moment, the US House has now passed the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act.
The CLARITY Act, which passed by a strong vote of 294 to 134, aims to establish clear guidelines for classifying digital assets as either securities under the purview of the Securities and Exchange Commission (SEC) or as commodities under the Commodity Futures Trading Commission (CFTC).
The Anti-CBDC Surveillance State Act, which passed by a much narrower 219 to 217 vote, effectively bans the Federal Reserve from issuing or even testing a central bank digital currency without explicit Congressional approval. Both of these bills will now advance to the Senate, where their future remains uncertain.
The most significant of the three, the GENIUS Act, which creates a regulatory framework for stablecoins, has already cleared both chambers of Congress. Having previously passed the Senate with a 68 to 30 vote, it sailed through the House this week with a decisive 308 to 122 vote.
This bill is now on President Trump’s desk, making it the first major piece of crypto-focused legislation on track to become US law.
Despite these monumental legislative achievements, the crypto markets have remained conspicuously unfazed. Bitcoin (BTC) is currently trading at $118,849, down 0.89% over the past 24 hours. Ethereum (ETH) is hovering at $3,389, down 0.27%.
The broader altcoin market has also been mostly muted. The one notable exception is XRP, which is up over 8% on the day, continuing a strong bullish run it has maintained throughout the week.
The market’s tepid reaction is further evidenced by liquidation data. According to Coinglass, 150,169 traders were liquidated in the past 24 hours, with total liquidations reaching nearly $490 million.
The largest single liquidation was a $3.21 million ETH-USDT long position on the crypto exchange HTX, a sign of the choppy, directionless trading that has characterized the market.
A tale of two markets: crypto stalls as Wall Street soars
The crypto market’s indifference stands in stark contrast to the exuberance seen in traditional stock markets.
Major US indexes surged to fresh record highs on Friday, as upbeat corporate earnings and stronger-than-expected economic data lifted investor sentiment.
The S&P 500 jumped 0.54% to a new record close of 6,297.36, marking its ninth all-time closing high of the year. The tech-heavy Nasdaq Composite also hit its tenth record of 2025, climbing 0.74% to finish at 20,884.27, driven by strength in major tech stocks.
The Dow Jones Industrial Average rose 229.71 points, or 0.52%, to close at 44,484.49.
This rally in equities was supported by strong economic data, including a retail sales report for June that came in at 0.6%, beating expectations of 0.2%, and a drop in jobless claims, both signaling a still-resilient US economy.
Strong earnings reports from companies like PepsiCo and United Airlines further boosted optimism as the second-quarter earnings season gets underway.
This divergence highlights a curious moment in markets, where a significant, long-awaited regulatory victory for crypto has failed to generate the kind of bullish excitement currently being seen on Wall Street.
