Crypto Week in the U.S. began with tension in Congress as lawmakers failed to advance important laws. Following this, Trump organized a meeting to support the bills.
Failed Vote in Congress
The week started with a significant setback in Congress as a vote on three key bills, including the Genius Act, Clarity Act, and Anti-CBDC bill, failed with a result of 196-223. Some Republicans joined Democrats to block the vote. Opponents like Rep. Marjorie Taylor Greene cited the lack of a clear CBDC ban as a primary reason for opposition.
Trump Steps In to Revive Legislation
Following the voting failure, President Donald Trump swiftly organized an emergency meeting in the Oval Office with 11 of the 12 Republican lawmakers needed to support the bill. House Speaker Mike Johnson also joined the meeting. This came after Trump announced on social media his intention to make America a leader in digital assets, thereby giving the bills new momentum.
Markets React to Trump's Actions
In response to Trump's intervention, political momentum shifted, and lawmakers appeared more aligned to support the bill package. Crypto markets reacted quickly; Bitcoin's price jumped to $117,823.47, and Ethereum surged above $3,139.35. The overall capitalization of the crypto market increased by 1.16%, interpreted by investors as a bullish sign.
The clash of bills in Congress marked a significant blow, but Trump's intervention may influence voting outcomes. Whether the Crypto Bill will pass remains uncertain, with the international community closely watching the developments.
