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The crypto market is exploding after the success of Crypto Week in the USA. On Tuesday, three new regulations that US President Trump wants to introduce to strengthen the industry failed. After his personal intervention, a second vote yesterday was positive.
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USA: Crypto Laws Passed after Trump Intervention
The vote on the three crypto laws of Crypto Week went into the next round yesterday. On Tuesday, the legislative package had failed in the US House of Representatives. The Democratic Party had unanimously opposed the regulations and individual Republican politicians had rejected their adoption due to concerns about details.
After failing on Tuesday, US President Donald Trump intervened personally. Trump wants to activate the legislative package as quickly as possible in order to position his home country as a crypto location.
According to his own statement, Trump sought personal talks with some dissident Republicans. These are predominantly politicians from the conservative, crypto-friendly spectrum of the Republican Party.
Trump succeeded in finding a consensus with the critical voices. How the President did this is not known. At least he was able to convince enough MPs to give the legislative package their yes votes in the second election.
Previously, critics of the package from Republican ranks had expressed concerns – especially about the exact wording of the Stablecoin Act GENIUS Act, which, in their opinion, does not protect against the establishment of a CBDC through the back door.
Despite the criticism, the House of Representatives passed the Crypto Week laws yesterday with 217 yes votes to 212 no votes and 3 abstentions.
“After the historically longest vote in the House of Representatives, Crypto Week continues”, announced Congressman Bryan Steil after the election success,
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Crypto-friendly Politician Greene Continues to Express Concerns
Republican politician Marjorie Taylor Greene, who is considered conservative and crypto-friendly, continued to express concerns even after Trump’s intervention. As the only member of her party, she also voted against the legislative package in the second election.
Greene explained her denial on X. She was dissatisfied with the drafting of the Stablecoin Act GENIUS. Because the lower house simultaneously voted on the GENIUS Act, the CLARITY Act and the Anti-CBDC Surveillance State Act, she also rejected the other two draft laws.
“This week, the House of Representatives is voting on the GENIUS Act, which creates the basis for a multi-layer central bank digital currency (CBDC), in which US Americans interact with stablecoins, but behind the scenes there are the functional monitoring capabilities of a CBDC”, Greene explained.
In addition, the basis for the protection of self-custody demanded by Trump is not respected by the GENIUS Act. Greene’s criticism: The bill does not explicitly mention a ban on CBDCs or the self-custody of cryptocurrencies or stablecoins.
Crypto Market Explodes after the Success of Crypto Week in the USA
How clearly the three new regulations could affect the crypto market can already be seen in the reactions of many crypto courses. Among the top 10, the profits of some coins are overturning.
For example, the Ethereum price rose by 9.11 percent to $3,443 over the last 24 hours. XRP also rose sharply with an 11 percent price gain and is sometimes listed at $3.27.
- Ethereum
(ETH) - Price $4,628.83
- Market Cap
$557.99 B
Solana, currently the sixth largest cryptocurrency, is also experiencing a remarkable increase of six percent to $175.87. Cardano is up 9.80 percent and is consequently trading at $0.81.
Three cryptocurrencies in the top 100 are achieving gains beyond 20 percent in the daily trend – CRV, FLOKI and Fartcoin. In contrast, the reaction of the Bitcoin price is sobering, which has fallen by 0.58 percent to $118,187 since yesterday.
- Bitcoin
(BTC) - Price $118,195.00
- Market Cap
$2.35 T
BTC is therefore even below the market average, which rose by 1.86 percent to a total value of 3.82 trillion US dollars over the last 24 hours. Crypto investors are hoping for a broad popularization of digital assets as a result of the new laws. The GENIUS Act only needs Trump’s approval. CLARITY and Anti-CBDC Act must first be confirmed by the Senate.
