Bitcoin rose during Friday’s trading, briefly surpassing the $120,000 mark during Asian hours, heading toward its fourth consecutive weekly gain after the US House of Representatives passed three laws aimed at creating a clearer regulatory framework for digital currencies.
The world’s largest cryptocurrency was last traded at $120,552.8, up 1.7%, as of 01:55 a.m. Eastern Time (05:55 GMT).
Bitcoin had reached record levels above $123,000 earlier in the week, but profit-taking at these historic highs—along with concerns over the final stages of regulatory legislation—limited its gains.
Three Regulatory Bills Pass the US House of Representatives
On Thursday, the US House of Representatives approved three landmark bills that lay the groundwork for a clearer legal framework for digital assets.
The main bill in this package, the GENIUS Act, passed by a vote of 308 to 122, after previously gaining Senate approval in mid-June. It now awaits President Donald Trump’s signature to become law.
The GENIUS Act stipulates that:
– Issuers of stablecoins must hold reserves of high-quality assets equivalent in value to the dollar.
– Issuers are subject to regular financial audits.
– Dual oversight will be imposed by both federal and state regulators.
The House also passed two additional bills:
– CLARITY Act: Aims to determine whether digital tokens fall under the jurisdiction of the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).
– Anti-CBDC Surveillance State Act: Prevents the Federal Reserve from issuing a central bank digital currency without explicit congressional approval.
These developments represent a coordinated effort in what Republican lawmakers have dubbed “Crypto Week” to reshape digital asset regulation in the United States. Officials and market participants welcomed the steps as a crucial advance toward stable regulatory foundations.
Political Uncertainty and Democratic Criticism
However, the legislative package still faces hurdles. The two bills not related to stablecoins are still awaiting Senate approval, and markets are watching for final passage before fully reacting to the new regulatory environment.
Skepticism continues to surround the crypto industry. The sector strongly supported President Trump and the Republican Party in last year’s elections, and critics say that political backing is now paying off.
Some Democrats have also criticized crypto-related deals made by Trump and his family, which are said to have generated enormous wealth—at least on paper. The Nation magazine conducted a detailed investigation into a mysterious investor in a Trump-linked cryptocurrency, raising questions about conflicts of interest and undue influence.
Representative Maxine Waters, the ranking Democrat on the House Financial Services Committee, stated: “These laws make Congress complicit in the largest crypto fraud in Trump’s history.”
Market Outlook: Bitcoin in an Upward Trend
Nonetheless, many expect Bitcoin to continue rising regardless of political controversy. Analyst Nikolai Søndergaard from Nansen told Bloomberg: “Recent US policy developments—like fiscal expansion and expectations of monetary easing—have undoubtedly created a supportive environment for Bitcoin.”
On Monday, Bitcoin exceeded $122,000, meaning it has more than doubled in value compared to last year—making its anonymous creator, Satoshi Nakamoto, one of the richest people on Earth.
This sharp rise is further evidence of the unprecedented boom in the digital asset sector under Trump—a trend that could continue, especially as the House of Representatives prepares to pass additional legislation that could make the United States a global haven for cryptocurrencies.
