Despite Trump's Efforts, Discord Persists Within the Republican Party
Bitcoin Briefly Touches $120,000
Altcoins Also Rise... Ethereum Up Over 8%
Donald Trump, President of the United States, is making his signature gesture of raising one fist at the 'Bitcoin2024' event held in Tennessee in July 2024. Photo by Reuters Yonhap News
Despite the active intervention of U.S. President Donald Trump, discussions on the so-called "three crypto bills" in the U.S. Congress continued to stall on July 16 (local time), according to CNBC and Reuters. However, in the cryptocurrency market, optimism persists, as Bitcoin briefly touched $120,000.
Originally, the Republican Party in the House of Representatives had designated this week as "Crypto Week" and aimed to accelerate the passage of related bills, but faced opposition from some hardline conservatives.
The three crypto bills slated for early passage include the "Clarity Act," which aims to clarify regulations on digital assets; the "CBDC Anti-Surveillance State Act," which seeks to prohibit the issuance of a central bank digital currency (CBDC) by the Federal Reserve; and the "Genius Act," which is intended to bring stablecoins into the regulatory framework.
The main point of contention is the handling of the bill prohibiting CBDC issuance. According to the political media outlet Politico, citing anonymous sources, hardline conservatives want guarantees for the passage of this bill.
These bills are designed to pave the way for digital assets to become more integrated into the traditional financial system. The market expects that, if passed, these bills would give further momentum to the Trump administration's pro-cryptocurrency policies.
President Trump stated the previous day on the social media platform Truth Social that "11 out of the 12 House members needed to pass the 'Genius Act' have agreed to support the rules vote tomorrow morning." However, CNBC reported that the majority of these lawmakers ended up voting against it in the vote held just one day later.
Although discussions have barely begun, expectations for legislation remain high in the cryptocurrency market. According to U.S. crypto exchange Coinbase, as of 10:57 a.m. on July 17 (Korea Standard Time), Bitcoin was trading at $118,027, up 0.31% from 24 hours earlier. This represents an increase of 6.09% compared to one week ago and 10.08% compared to one month ago.
Previously, Bitcoin had retreated to $115,000 the day before on news of legislative hurdles, but then rebounded, briefly touching the $120,000 mark around 6 a.m. that day. Afterward, a wave of profit-taking led the price back down to the upper $110,000 range.
At the same time, altcoins (cryptocurrencies other than Bitcoin) were also on the rise. Ethereum was up more than 8%, while Solana (6.28%), Ripple (XRP) 4.54%, BNB 3.27%, and Tron 2.67% were all showing strength.
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