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As part of Crypto Week, the US legislature wants to pass three new crypto laws this week. They are all intended to strengthen the United States as a crypto location. This development could also have a positive impact on the current crypto bull market. BTC reached a new all-time high just today.
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Are the US Strengthening the Crypto Bull Market with these 3 Laws?
The US could strengthen the current crypto bull market with three new laws. The Bitcoin price was able to set a new all-time high again today. Just last week, a price rally began that pushed BTC over $112,000 for the first time.
This morning, the largest cryptocurrency finally managed to reach a new record market value above $123,000. The potential of the bull market does not seem to be exhausted yet.
The US legislature plans to establish three new laws this week. All three regulations pursue the goal of strengthening the USA as a crypto location.
“Next week, the House of Representatives will comply with the US President’s request to make the United States the crypto center of the world”, the US House of Representatives Committee on Financial Services wrote last Thursday.
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The three laws are the Stablecoin Regulation called GENIUS Act, the Anti-CBDC Surveillance State Act, and the CLARITY Act. In June, the US Senate already confirmed the GENIUS Act.
If the regulation is successful, stablecoins will have to follow new, stricter requirements in the USA. At the same time, the tokens could benefit because state agencies will accept their use from now on. Supporters believe that this could make stablecoins everyday means of payment in the USA.
The Anti-CBDC Surveillance Act provides for a ban on the distribution of a CBDC for private users. A digital central bank currency for institutional purposes remains open, but could then only be commissioned by Congress. The central bank FED would no longer have such authority.
The CLARITY Act creates legal certainty in the crypto industry. The classification of cryptocurrencies into the categories of goods and securities should be transparent and clear in the future, instead of being characterized by the arbitrariness of the Securities and Exchange Commission SEC as before.
The committee calls the current calendar week Crypto Week due to the three regulations. The success of the laws is not definitively certain.
Institutions Participate in Bitcoin Price Rally
As records from Farside show, institutional investors are very clearly interested in the current Bitcoin price rally. Institutions started accumulating Bitcoin noticeably two weeks ago.
Hundreds of millions of US dollars flowed into US Bitcoin spot ETFs from June 30 to July 4. In the meantime, investments have accelerated further. Within just five days last week, 2.7 billion US dollars flowed into the Bitcoin funds.
Whether the trend will continue this week cannot yet be determined. Current price movements at least provide every reason for this assumption.
