Crypto Week, announced by the White House to discuss significant bills, attracted attention from both markets and politicians.
US President Welcomes Crypto Week
On Tuesday, US President Donald Trump celebrated the start of Crypto Week, urging the Republican Party to vote for what he termed 'tremendous' bills. Trump stated that digital assets are the future of the country and that this could make the US a global leader. He remarked, 'This is our moment – Digital assets, GENIUS, clarity! It is all part of Making America Great Again, bigger and better than ever before.'
Opposition Against the Bills
Despite presidential support, a group of Republicans joined with Democrats to block the bills from coming to a vote or debate. Earlier, Congressional leaders Maxine Waters and Stephen Lynch announced an 'anti-crypto corruption week' to stop the president's intentions regarding digital assets. However, now with the support of 13 Republicans, the bills were effectively stalled from advancing.
Impact on Bitcoin Trading and Confidence in Stablecoins
Bitcoin trading activity significantly increased, reaching new records above $120,000 on the first day of Crypto Week. Investors anticipated possible regulatory updates, which boosted their confidence in stablecoins, particularly concerning the GENIUS Act, which aims to establish a new framework for dollar-pegged stablecoins.
Crypto Week highlighted deep contradictions in political support for digital asset legislation, but it also spurred increased market activity, leading to notable changes in investor confidence.
