On July 17, 2025, U.S. local time, this day is destined to be recorded in the annals of global cryptocurrency development. After several days of intense political maneuvering and partisan negotiations, the U.S. House of Representatives, with unprecedented efficiency, passed three landmark bills during the legislative marathon dubbed 'Crypto Week.' This legislative 'triple victory' not only delineates a clear legal framework for stablecoins, market regulation, and financial privacy rights in the U.S., but is also seen as a clear signal: cryptocurrencies are accelerating their transition from a field full of uncertainties to a new era of compliance and mainstream acceptance.
The market responded with thunderous applause. In the wake of the bill's passage, the global total market capitalization of cryptocurrencies soared, briefly approaching the $4 trillion mark. This astonishing figure, if viewed as a single entity, would rank second only to the world's largest publicly traded company, Microsoft; this is not only a numerical shock but also symbolizes that the status of crypto assets in the global financial landscape has dramatically changed.
All three major bills passed
Under the strong push of President Trump and the careful arrangement of Republican leadership, the House of Representatives designated the week of July 17 as 'Crypto Week,' aiming to fulfill commitments to the industry before Congress breaks in August. After a series of procedural votes and intense bipartisan debates, all three core bills successfully passed:
(GENIUS Stablecoins Act): Passed with an overwhelming vote of 308 in favor and 122 against. This bill establishes a national regulatory framework specifically for stablecoins pegged to the U.S. dollar, requiring issuers to back their coins with high liquidity assets such as U.S. dollars or short-term U.S. Treasury bills on a 1:1 basis, and to publicly disclose reserve details monthly. Notably, over 100 Democratic lawmakers have switched sides to support this bill, indicating a strong bipartisan consensus on stablecoin regulation. Since the bill has already passed in the Senate, it now only needs to be signed into law by President Trump.
(CLARITY for Digital Assets Act): Passed with a vote of 294 in favor and 134 against. This bill aims to address the long-standing regulatory ambiguity troubling the U.S. crypto industry by clearly delineating the jurisdiction of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), providing clear compliance pathways for exchanges, project teams, and investors. Despite some high-ranking Democrats voting against it, nearly 80 Democrats supported the bill, demonstrating that the necessity for establishing a clear market structure has become a bipartisan consensus. The bill will next be sent to the Senate for a new round of deliberations.
(Anti-CBDC Surveillance State Act): Passed by a narrow margin of 219 votes in favor and 210 against. This bill is the most partisan contentious, as its core prohibits the Federal Reserve (Fed) from directly issuing central bank digital currency (CBDC) to individuals without Congressional authorization, in order to safeguard citizens' financial privacy and prevent the government from using CBDC for financial surveillance.
The political maneuvering behind the legislation
This legislative victory was not smooth sailing; behind it lies a dramatic political struggle. Before entering formal debate, the bill faced setbacks in procedural voting due to opposition from some hardline Republican lawmakers. These lawmakers were concerned that the (GENIUS Act) might open a backdoor for a 'digital dollar' and insisted on including clearer CBDC prohibitions in the bill.
Ultimately, with President Trump's personal intervention and coordination, Republican leadership and hardliners reached a compromise, deciding to handle the (Anti-CBDC Act) separately and incorporate it into the (National Defense Authorization Act) (NDAA), clearing the way for the smooth passage of the other two major bills.
Meanwhile, there was division within the Democratic Party. California Democratic Congresswoman Maxine Waters held a press conference on the eve of the vote, calling 'Crypto Week' 'Anti-Crypto Corruption Week,' warning that these bills would open regulatory loopholes for the industry and could trigger the next wave of a financial tsunami similar to 2008. However, the final voting results, especially on the (GENIUS Act) and (CLARITY Act), showed that a large number of Democratic lawmakers chose to stand with Republicans, indicating that providing a clear and reasonable regulatory framework for cryptocurrencies has become a consensus that transcends partisan differences.
A new era for cryptocurrencies
Legislative certainty is undoubtedly the catalyst that the market desires most. Following the news of the passage of the three major bills, the crypto market surged. Bitcoin's price rose again, briefly surpassing the $120,000 mark. More macro data shows that the total market capitalization of cryptocurrencies globally has approached $4 trillion, a figure that not only sets a new historical high but also surpasses the market capitalization of all single companies except Microsoft.
This recent surge is not purely emotion-driven; it is supported by solid capital inflows. According to on-chain data analysis, in the past two weeks, 'newbie' addresses making their first Bitcoin purchases have accumulated over 140,000 BTC, increasing their total holdings from 4.77 million to nearly 5 million, an increase of 2.86%. This indicates that as the regulatory outlook becomes clearer, new capital is continuously and steadily entering the market, providing strong momentum for price increases.
Commentators point out that U.S. cryptocurrency legislation has reached 'Escape Velocity.' This means that, with the growing bipartisan consensus and strong industry momentum, the trend of establishing a regulatory framework for cryptocurrencies has taken shape, with such momentum being so significant that it would be difficult to reverse, no matter which president takes office in the future.
The historic passage of these three major bills is the best testament to this trend. It marks a decisive step for the U.S. in the global competition for crypto regulation, shifting from the past's ambiguity and confrontation to clarity and guidance. A new era of a more mature, compliant, and institutionally attractive crypto market has officially begun. The market will now focus on the Senate's deliberation of the (CLARITY Act) and President Trump's formal signing of the (GENIUS Act), with each development continuing to shape the future direction of this nearly $4 trillion market.