- The US House passed three major crypto bills: the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act.
- Despite these “historic” legislative victories, crypto markets remained largely flat, with Bitcoin down 0.89% to $118,849.
- The GENIUS Act, which governs stablecoins, is the first major crypto bill to clear both chambers and is now on President Trump’s desk.
The US House of Representatives concluded a landmark week for the cryptocurrency industry by approving three key bills designed to provide long-awaited regulatory clarity.
Yet despite this significant legislative progress in Washington, crypto traders largely shrugged off the news, and prices stayed mostly unchanged.
In what many industry advocates describe as a turning point, the House approved the CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act.
The CLARITY Act passed by a decisive 294 to 134 vote. It aims to create clearer rules for determining whether digital assets should be treated as securities under the Securities and Exchange Commission (SEC) or as commodities regulated by the Commodity Futures Trading Commission (CFTC).
The Anti-CBDC Surveillance State Act passed narrowly, 219 to 217, and would prevent the Federal Reserve from issuing or even testing a central bank digital currency without explicit authorization from Congress. Both of these bills will move on to the Senate, where their fates remain uncertain.
The most consequential measure, the GENIUS Act, establishes a regulatory framework for stablecoins and has already cleared both chambers of Congress. After passing the Senate 68 to 30, it sailed through the House this week with a strong 308 to 122 vote.
With that approval, the GENIUS Act is now on President Trump’s desk and is the first major piece of crypto legislation poised to become US law.
Even with these momentous developments, crypto markets showed little reaction. Bitcoin (BTC) traded around $118,849, down 0.89% over the past 24 hours. Ethereum (ETH) hovered near $3,389, down 0.27%.
The wider altcoin market remained subdued for the most part. One notable exception was XRP, which rose more than 8% on the day, extending a strong bullish run it has recorded throughout the week.
The market’s muted reaction is reflected in liquidation figures. Data from Coinglass show that 150,169 traders were liquidated in the past 24 hours, with total liquidations near $490 million.
The largest single liquidation was a $3.21 million ETH-USDT long position on the HTX exchange, underscoring the choppy, directionless trading that has characterized recent sessions.
A tale of two markets: crypto stalls as Wall Street soars
Crypto’s indifference stands in sharp contrast to the strong performance of traditional stock markets.
Major US indexes climbed to fresh record highs on Friday as upbeat corporate earnings and stronger-than-expected economic data buoyed investor sentiment.
The S&P 500 rose 0.54% to a record close of 6,297.36, marking its ninth all-time closing high this year. The tech-heavy Nasdaq Composite notched its tenth record of 2025, gaining 0.74% to finish at 20,884.27, driven by gains in major technology stocks.
The Dow Jones Industrial Average added 229.71 points, or 0.52%, to close at 44,484.49.
The rally in equities was supported by robust economic indicators, including a June retail sales report that showed 0.6% growth versus expectations of 0.2%, and a decline in jobless claims—both signs of a still-resilient US economy.
Strong quarterly results from companies like PepsiCo and United Airlines further bolstered optimism as the second-quarter earnings season gets underway.
This divergence highlights a notable moment in the markets: a major, long-awaited regulatory win for crypto that has not produced the same bullish enthusiasm currently driving Wall Street.