Bitcoin has shattered the $120,000 milestone for the first time in its history, with the world’s largest cryptocurrency touching $122,600 on Monday as institutional investors pile into the market ahead of what lawmakers have dubbed “Crypto Week” in the US House of Representatives.
The landmark price surge comes as Congress prepares to vote on three pivotal pieces of legislation starting Monday that could fundamentally reshape America’s approach to digital assets. The price of the largest cryptocurrency by market capitalization topped $122,600 at 1:27 p.m. Singapore time, according to data from Coin Metrics, marking an 8% gain over the past week alone.
House Committee on Financial Services Chairman French Hill (AR-02), House Committee on Agriculture Chairman GT Thompson (PA-15), and House Leadership announced that the week of July 14th will be “Crypto Week”, with lawmakers set to debate and vote on legislation that the crypto industry has sought for years.
Institutional Demand Drives Rally
The surge past the psychologically important $120,000 level has been fuelled by unprecedented institutional interest and record-breaking inflows into Bitcoin exchange-traded funds (ETFs). On Thursday, bitcoin ETFs had logged their biggest day of inflows in 2025 at $1.18 billion.
We believe that Bitcoin’s surge is driven by longer-term institutional buyers and this will propel it to $125k in the next month or two,” Jeff Mei, chief operating officer at cryptocurrency exchange BTSE, said in a statement sent to CNBC. The executive noted that whilst trade disputes could cause temporary dips, institutional buyers appear to be maintaining their positions based on long-term appreciation expectations.
Bitcoin’s all time high is $119,828.71, which was reached on July 14, 2025, according to Coinbase data, with the cryptocurrency having risen from below $80,000 in April to its current levels. The dramatic appreciation represents a gain of more than 50% in just three months.
Three Bills Set for Congressional Action
The legislative push centres on three critical bills that could determine the future of digital assets in America. The main event will be the House vote on, and expected passage of, the “Digital Asset Market Clarity Act of 2025” (Clarity), the Anti-CBDC Surveillance Act and the “Guiding and Establishing National Innovation for U.S. Stablecoins of 2025″ (GENIUS).
The House Rules Committee will meet Monday, July 14, at 4:00 p.m. ET and will discuss each of these bills, with floor votes potentially beginning as early as Tuesday. The ambitious legislative agenda reflects a dramatic shift in Washington’s approach to cryptocurrency under the Trump administration.
The Digital Asset Market Clarity Act of 2025 (CLARITY Act) has the primary focus of defining the roles and responsibilities of the SEC and CFTC. The bill would establish clear jurisdictional boundaries between the two regulatory agencies, addressing years of confusion that has hampered the industry’s growth in the United States.
Stablecoin Legislation Takes Priority
Of the three bills, the GENIUS Act appears to have the clearest path to becoming law. The Senate already passed the GENIUS Act, meaning once the House passes it, it goes to Trump’s desk for his signature into law. This would mark the first major cryptocurrency-focused legislation to become federal law.
The bill would require companies issuing stablecoins to back them one-to-one with liquid cash, establishing federal guardrails for dollar-pegged digital currencies. The legislation has gained urgency as major corporations show interest in the space, with reports suggesting both Walmart and Amazon are considering launching their own stablecoins.
Stablecoins are how dollars go on blockchains, and they enable super-fast, super-cheap global payments, making them particularly attractive for cross-border transactions and e-commerce applications.
Privacy Concerns Drive Anti-CBDC Push
The third piece of legislation, the Anti-CBDC Surveillance State Act, would prohibit the Federal Reserve from issuing a central bank digital currency. This Act will block the creation of a US dollar CBDC, as there are significant concerns about the invasion of privacy, monetary and centralized authority tracking, and more.
The bill reflects growing concerns among lawmakers about government overreach and financial surveillance. Unlike decentralized cryptocurrencies, a CBDC is a digital form of sovereign currency that is designed, issued, and monitored by the federal government, raising fears it could be used to monitor and control citizens’ spending habits.
Representative Tom Emmer, who championed the legislation, warned that a CBDC could become a surveillance tool that fundamentally undermines American values of privacy and individual sovereignty.
Industry Mobilises Support
The cryptocurrency industry has mounted an unprecedented lobbying effort ahead of the votes. “We have over 50 million Americans that own crypto,” Lynaugh said, pointing to 2.2 million Stand With Crypto advocates and over 70,000 emails sent to US senators ahead of recent votes.
On July 7, Stand With Crypto, the “grassroots” crypto lobbying organization started by Coinbase, sent a letter to lawmakers signed by 65 executives from various crypto firms, urging Congress to pass the CLARITY Act. The coordinated campaign represents the industry’s most significant political push to date.
Coinbase CEO Brian Armstrong has been particularly vocal, stating that “America is ready for crypto” and emphasising the need for clear regulatory frameworks that balance consumer protection with innovation.
Market Implications
The convergence of legislative progress and institutional adoption has created powerful momentum for Bitcoin and the broader cryptocurrency market. The total crypto market cap has surged to $3.62 trillion, posting an 8.75% weekly gain and breaking out from a multi-week consolidation range.
“Long-term holders are locking up supply, while global policy clarity — especially around stablecoins and crypto legislation — has boosted investor confid[ence]”, market analysts noted. The supply dynamics, combined with growing demand, suggest further price appreciation could be ahead.
Opposition and Challenges
Not all lawmakers support the legislative package. House Democrats have announced Anti-Crypto Corruption Week, a counter-campaign aimed at blocking the GENIUS and CLARITY Acts. Critics argue the bills could pave the way for fraud and weaken consumer protections.
Americans for Financial Reform (AFR) called the bill “a massive deregulatory bill backed by a gusher of campaign cash and lobbying muscle from ultra-wealthy venture capital firms and crypto billionaires”. The organisation warned that the legislation could enrich industry insiders at the expense of ordinary consumers and financial stability.
Timeline for Action
The week’s legislative calendar is packed with crypto-related activities. Tuesday, July 15, 3:00 p.m. ET: The Senate Agriculture Committee will hold a hearing on market structure legislation, whilst the House may begin voting on all three bills the same day.
A hearing on crypto taxation will happen on Wednesday, July 16, 9:00 am ET by the House Ways and Means Committee. If the GENIUS Act passes the House on Tuesday, President Trump could sign it into law as early as Friday, marking a historic moment for the industry.
Global Context
The US legislative push comes as countries worldwide grapple with cryptocurrency regulation. As of April 2025, there are 134 countries and currency unions, representing 98% of global GDP, that are exploring a CBDC, highlighting the global nature of the digital currency revolution.
America’s approach could set precedents for other nations, particularly regarding the balance between innovation and regulation. The prohibition on CBDCs, if enacted, would put the US at odds with many other major economies exploring digital versions of their currencies.
As Bitcoin trades at record highs and Congress prepares for historic votes, the cryptocurrency industry stands at a pivotal moment. The outcomes of this week’s legislative actions could determine whether the United States becomes, as supporters hope, the “crypto capital of the world” or continues to lag behind more crypto-friendly jurisdictions.
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Bitcoin Medallion in Wallet – Photo by QuoteInspector.com, licensed under CC BY 2.0, via Wikimedia Commons.
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