Bitcoin saw a sharp decline on July 15, falling below the $117,000 mark after a procedural vote to advance key cryptocurrency bills was blocked in the House of Representatives. The price of Bitcoin dropped 2.8 per cent to $116,516, reversing earlier gains and marking a pullback from the day’s high of $120,481.86, according to Coin Metrics.The sharp decline came after a pivotal procedural vote, where 13 Republican lawmakers joined Democrats to block the motion, voting 196-223 against advancing the legislation. The bills, which had been anticipated to bring much-needed regulatory clarity to the crypto industry, were viewed as a potential catalyst for the continued rise in institutional investments, particularly in Bitcoin exchange-traded funds (ETFs).Stocks linked to the cryptocurrency sector also saw declines. Riot Platforms and Mara Holdings, both major Bitcoin miners, closed down 3.3 per cent and 2.3 per cent, respectively. Similarly, Coinbase, a major cryptocurrency exchange, slid 1.5 per cent in late trading hours. These declines followed the failed procedural vote, which delayed the progress of crucial crypto-related legislation.<h2>Trump seeks to revive crypto bills after setback</h2>However, the fate of the legislation took a sudden turn later on July 15 evening when former President Donald Trump intervened. In a post on Truth Social, Trump announced that a group of 11 Republican lawmakers who had originally voted to block the bills had changed their stance following a meeting at the White House. According to Trump, the lawmakers agreed to vote in favour of advancing the crypto bills in a vote scheduled for July 16.“I am in the Oval Office with 11 of the 12 congressmen/women necessary to pass the GENIUS Act, and, after a short discussion, they have all agreed to vote tomorrow morning in favour of the rule,” Trump wrote.The bills in question include the GENIUS Act, which seeks to regulate stablecoins, and the CLARITY Act, which would clarify whether digital assets should be classified as securities or commodities. A third bill aims to block the Federal Reserve from creating a central bank digital currency.House Speaker Mike Johnson expressed hope that the legislation could still move forward after additional discussions with members. “We are continuing to work on this issue and plan to vote on it again shortly,” he said after the vote.<h2>Crypto bill blockade undermines optimism</h2>The procedural block in the House was a major setback for the crypto industry, which had viewed Crypto Week as a key opportunity for Congress to pass legislation providing much-needed clarity and legitimacy. The failure of the vote marked an unexpected challenge for the crypto bills, which had previously seemed poised for swift passage. It also highlighted a rare instance where House Republicans resisted Trump’s influence, at least temporarily.The defeat was especially significant because it took place during a week when optimism had been building in the market, spurred by expectations that Congress might soon pass crypto-related legislation. Institutional investors had been piling into Bitcoin, pushing its price to all-time highs. Many saw the legislation as a potential catalyst for further growth in the digital asset space.<h2>Bitcoin bounces back after initial losses</h2>Despite the setback in Washington, Bitcoin and other cryptocurrencies showed signs of recovery early Wednesday. Bitcoin rebounded more than 1 per cent over the past 24 hours to $118,809, according to CoinDesk data, after briefly dropping following the procedural vote.This recovery came after Trump’s statement that the legislation, which includes the GENIUS Act and other crypto regulatory measures, could be passed as soon as July 16. The quick reversal in Bitcoin’s price underscores the market’s sensitivity to developments in US cryptocurrency policy and investor confidence in future regulatory clarity.&nbsp;&nbsp;(With inputs from agencies)

The sharp decline came after a pivotal procedural vote, where 13 Republican lawmakers joined Democrats to block the motion, voting 196-223 against advancing the legislation. 

Bitcoin saw a sharp decline on July 15, falling below the $117,000 mark after a procedural vote to advance key cryptocurrency bills was blocked in the House of Representatives. The price of Bitcoin dropped 2.8 per cent to $116,516, reversing earlier gains and marking a pullback from the day’s high of $120,481.86, according to Coin Metrics. The sharp decline came after a pivotal procedural vote, where 13 Republican lawmakers joined Democrats to block the motion, voting 196-223 against advancing the legislation. The bills, which had been anticipated to bring much-needed regulatory clarity to the crypto industry, were viewed as a potential catalyst for the continued rise in institutional investments, particularly in Bitcoin exchange-traded funds (ETFs). Stocks linked to the cryptocurrency sector also saw declines. Riot Platforms and Mara Holdings, both major Bitcoin miners, closed down 3.3 per cent and 2.3 per cent, respectively. Similarly, Coinbase, a major cryptocurrency exchange, slid 1.5 per cent in late trading hours. These declines followed the failed procedural vote, which delayed the progress of crucial crypto-related legislation. Trump seeks to revive crypto bills after setback However, the fate of the legislation took a sudden turn later on July 15 evening when former President Donald Trump intervened. In a post on Truth Social, Trump announced that a group of 11 Republican lawmakers who had originally voted to block the bills had changed their stance following a meeting at the White House. According to Trump, the lawmakers agreed to vote in favour of advancing the crypto bills in a vote scheduled for July 16. “I am in the Oval Office with 11 of the 12 congressmen/women necessary to pass the GENIUS Act, and, after a short discussion, they have all agreed to vote tomorrow morning in favour of the rule,” Trump wrote. The bills in question include the GENIUS Act, which seeks to regulate stablecoins, and the CLARITY Act, which would clarify whether digital assets should be classified as securities or commodities. A third bill aims to block the Federal Reserve from creating a central bank digital currency. House Speaker Mike Johnson expressed hope that the legislation could still move forward after additional discussions with members. “We are continuing to work on this issue and plan to vote on it again shortly,” he said after the vote. Crypto bill blockade undermines optimism The procedural block in the House was a major setback for the crypto industry, which had viewed Crypto Week as a key opportunity for Congress to pass legislation providing much-needed clarity and legitimacy. The failure of the vote marked an unexpected challenge for the crypto bills, which had previously seemed poised for swift passage. It also highlighted a rare instance where House Republicans resisted Trump’s influence, at least temporarily. The defeat was especially significant because it took place during a week when optimism had been building in the market, spurred by expectations that Congress might soon pass crypto-related legislation. Institutional investors had been piling into Bitcoin, pushing its price to all-time highs. Many saw the legislation as a potential catalyst for further growth in the digital asset space. Bitcoin bounces back after initial losses Despite the setback in Washington, Bitcoin and other cryptocurrencies showed signs of recovery early Wednesday. Bitcoin rebounded more than 1 per cent over the past 24 hours to $118,809, according to CoinDesk data, after briefly dropping following the procedural vote. This recovery came after Trump’s statement that the legislation, which includes the GENIUS Act and other crypto regulatory measures, could be passed as soon as July 16. The quick reversal in Bitcoin’s price underscores the market’s sensitivity to developments in US cryptocurrency policy and investor confidence in future regulatory clarity. (With inputs from agencies)

The sharp decline came after a pivotal procedural vote, where 13 Republican lawmakers joined Democrats to block the motion, voting 196-223 against advancing the legislation.&nbsp;

Crypto bill setback in House of Representatives delays legislation, sends Bitcoin price tumbling

Bitcoin (BTC) surged to a record-breaking high of $123,153.22 on July 14, continuing its meteoric rise and propelling the broader cryptocurrency market into new territory. The world’s largest digital asset has now surpassed $120,000 for the first time, marking a significant milestone in a year that has already seen impressive gains for Bitcoin. As the cryptocurrency set a new record, other digital tokens followed suit, with Ether reaching a five-month high of $3,048.2, further fuelling excitement across the crypto sector.&nbsp;This latest surge in Bitcoin’s price, up 27 per cent year-to-date, has sparked a ripple effect across the broader crypto market, with the total value of all cryptocurrencies now surpassing $3.8 trillion, according to CoinMarketCap. Crypto stocks and exchange-traded funds (ETFs) have also seen impressive gains, with Coinbase’s shares up 1.8 per cent and crypto ETFs drawing strong investor interest. Investors are increasingly looking to digital assets as a hedge against inflation and currency devaluation, with Bitcoin remaining a top choice for institutional buyers and retail investors alike.<h2>What is fuelling the Bitcoin rally?</h2>Several key factors have contributed to Bitcoin’s recent surge. One of the most significant drivers is institutional buying, with companies like Strategy leading the charge. Strategy announced last week that it had acquired an additional 4,225 Bitcoin, bringing its total holdings to an eye-popping 601,550 Bitcoin. Such large institutional purchases contribute to a bullish sentiment in the market, driving prices higher as demand for Bitcoin continues to outpace supply.Another important catalyst for Bitcoin’s rally is the optimism surrounding the “Crypto Week” in the US. The week of July 14 has been dubbed Crypto Week by US Republicans, during which the US House of Representatives is set to debate and vote on three crucial pieces of cryptocurrency legislation. These bills, if passed, could provide much-needed regulatory clarity for the industry, reducing uncertainty that has often held back crypto companies and institutional investors from fully committing to the space.The most significant of these bills is the GENIUS Act, which aims to provide a regulatory framework for stablecoins and other digital assets, offering clear guidelines on their classification. The Clarity Act seeks to limit the ability of federal agencies to regulate cryptocurrencies through court rulings, ensuring that Congress, not the courts, defines how digital assets are governed. Finally, the Anti-CBDC Surveillance State Act is a bill designed to block the Federal Reserve from issuing a Central Bank Digital Currency (CBDC), arguing that such a move would enable the government to monitor citizens’ financial activities and infringe upon personal privacy.With these bills likely to provide a clearer path for crypto businesses to operate and attract institutional investment, investors are optimistic that the legislation will continue to support the current rally in Bitcoin and other cryptocurrencies.<h2>Crypto Week and what’s at stake for the industry</h2>The events of this week, dubbed Crypto Week, could prove pivotal in shaping the future of cryptocurrency in the US. The three proposed bills are expected to address several critical issues, including how digital assets are classified, the regulatory framework for stablecoins, and the potential dangers posed by central bank digital currencies.The passage of the GENIUS Act, which would clarify how digital assets like crypto tokens are classified, could be a game-changer for the industry. By providing clearer guidelines for startups and businesses, it would eliminate much of the legal uncertainty that has previously surrounded crypto projects, making it easier for companies to issue their own digital tokens and raise capital.In addition to the regulatory clarity provided by the GENIUS Act and Clarity Act, the Anti-CBDC Surveillance State Act would ensure that cryptocurrencies remain outside of the scope of government surveillance. With privacy concerns on the rise, especially around the potential for central bank digital currencies to track individuals’ financial transactions, this bill is seen as a vital safeguard for protecting users’ privacy in the crypto space.However, not all lawmakers are on board with the proposed legislation. Democrats, particularly those aligned with the Biden administration, have raised concerns that the bills would be too favourable to the crypto industry, potentially undermining securities laws and allowing for more volatility in the market. Critics argue that the bills could enable public officials, including Trump, to profit from crypto tokens and weaken financial oversight in the industry.<h2>Bitcoin’s impressive gains since Trump’s re-election</h2>Since US President Donald Trump was re-elected in November 2024, Bitcoin has experienced a remarkable 75 per cent surge, climbing from about $69,539 on Election Day to its current record level. The rise of Bitcoin coincides with Trump’s push for a more crypto-friendly regulatory environment. Under his administration, the cryptocurrency market has seen a wave of support, with Trump himself positioning himself as the “crypto president.” His administration has made efforts to ease regulations, provide clarity for digital asset companies, and promote the widespread adoption of crypto assets.Bitcoin’s resilience has been particularly notable in the face of geopolitical uncertainty. The cryptocurrency has managed to maintain its upward trajectory, even in times of heightened economic instability, including the global fallout from Trump’s unpredictable tariff policies. Bitcoin’s ability to rebound quickly from market disruptions and its ongoing correlation with riskier assets like tech stocks have made it an attractive investment during periods of volatility. As central banks around the world take increasingly accommodative fiscal measures, such as low interest rates and massive government spending, Bitcoin has become a safe haven for investors looking to hedge against potential inflationary pressures.One of the major factors behind Bitcoin’s recent rise is the declining value of the US dollar. As the dollar weakens against other currencies, Bitcoin has become a more appealing store of value, particularly for international investors looking for a hedge against the dollar’s decreasing purchasing power. The ongoing inflation concerns, coupled with the dollar's decline, have created an environment where Bitcoin is seen as a reliable alternative asset.As Bitcoin continues to break records, its rise highlights a broader trend in the financial landscape: the increasing acceptance and integration of digital assets into traditional financial markets. With Bitcoin now valued higher than companies like Amazon and closing in on Apple, it is becoming clear that the digital currency is no longer a fringe asset but a mainstream financial instrument in its own right.

This latest surge in Bitcoin’s price, up 27 per cent year-to-date, has sparked a ripple effect across the broader crypto market, with the total value of all cryptocurrencies now surpassing $3.8 trillion.

Bitcoin (BTC) surged to a record-breaking high of $123,153.22 on July 14, continuing its meteoric rise and propelling the broader cryptocurrency market into new territory. The world’s largest digital asset has now surpassed $120,000 for the first time, marking a significant milestone in a year that has already seen impressive gains for Bitcoin. As the cryptocurrency set a new record, other digital tokens followed suit, with Ether reaching a five-month high of $3,048.2, further fuelling excitement across the crypto sector. This latest surge in Bitcoin’s price, up 27 per cent year-to-date, has sparked a ripple effect across the broader crypto market, with the total value of all cryptocurrencies now surpassing $3.8 trillion, according to CoinMarketCap. Crypto stocks and exchange-traded funds (ETFs) have also seen impressive gains, with Coinbase’s shares up 1.8 per cent and crypto ETFs drawing strong investor interest. Investors are increasingly looking to digital assets as a hedge against inflation and currency devaluation, with Bitcoin remaining a top choice for institutional buyers and retail investors alike. What is fuelling the Bitcoin rally? Several key factors have contributed to Bitcoin’s recent surge. One of the most significant drivers is institutional buying, with companies like Strategy leading the charge. Strategy announced last week that it had acquired an additional 4,225 Bitcoin, bringing its total holdings to an eye-popping 601,550 Bitcoin. Such large institutional purchases contribute to a bullish sentiment in the market, driving prices higher as demand for Bitcoin continues to outpace supply. Another important catalyst for Bitcoin’s rally is the optimism surrounding the “Crypto Week” in the US. The week of July 14 has been dubbed Crypto Week by US Republicans, during which the US House of Representatives is set to debate and vote on three crucial pieces of cryptocurrency legislation. These bills, if passed, could provide much-needed regulatory clarity for the industry, reducing uncertainty that has often held back crypto companies and institutional investors from fully committing to the space. The most significant of these bills is the GENIUS Act, which aims to provide a regulatory framework for stablecoins and other digital assets, offering clear guidelines on their classification. The Clarity Act seeks to limit the ability of federal agencies to regulate cryptocurrencies through court rulings, ensuring that Congress, not the courts, defines how digital assets are governed. Finally, the Anti-CBDC Surveillance State Act is a bill designed to block the Federal Reserve from issuing a Central Bank Digital Currency (CBDC), arguing that such a move would enable the government to monitor citizens’ financial activities and infringe upon personal privacy. With these bills likely to provide a clearer path for crypto businesses to operate and attract institutional investment, investors are optimistic that the legislation will continue to support the current rally in Bitcoin and other cryptocurrencies. Crypto Week and what’s at stake for the industry The events of this week, dubbed Crypto Week, could prove pivotal in shaping the future of cryptocurrency in the US. The three proposed bills are expected to address several critical issues, including how digital assets are classified, the regulatory framework for stablecoins, and the potential dangers posed by central bank digital currencies. The passage of the GENIUS Act, which would clarify how digital assets like crypto tokens are classified, could be a game-changer for the industry. By providing clearer guidelines for startups and businesses, it would eliminate much of the legal uncertainty that has previously surrounded crypto projects, making it easier for companies to issue their own digital tokens and raise capital. In addition to the regulatory clarity provided by the GENIUS Act and Clarity Act, the Anti-CBDC Surveillance State Act would ensure that cryptocurrencies remain outside of the scope of government surveillance. With privacy concerns on the rise, especially around the potential for central bank digital currencies to track individuals’ financial transactions, this bill is seen as a vital safeguard for protecting users’ privacy in the crypto space. However, not all lawmakers are on board with the proposed legislation. Democrats, particularly those aligned with the Biden administration, have raised concerns that the bills would be too favourable to the crypto industry, potentially undermining securities laws and allowing for more volatility in the market. Critics argue that the bills could enable public officials, including Trump, to profit from crypto tokens and weaken financial oversight in the industry. Bitcoin’s impressive gains since Trump’s re-election Since US President Donald Trump was re-elected in November 2024, Bitcoin has experienced a remarkable 75 per cent surge, climbing from about $69,539 on Election Day to its current record level. The rise of Bitcoin coincides with Trump’s push for a more crypto-friendly regulatory environment. Under his administration, the cryptocurrency market has seen a wave of support, with Trump himself positioning himself as the “crypto president.” His administration has made efforts to ease regulations, provide clarity for digital asset companies, and promote the widespread adoption of crypto assets. Bitcoin’s resilience has been particularly notable in the face of geopolitical uncertainty. The cryptocurrency has managed to maintain its upward trajectory, even in times of heightened economic instability, including the global fallout from Trump’s unpredictable tariff policies. Bitcoin’s ability to rebound quickly from market disruptions and its ongoing correlation with riskier assets like tech stocks have made it an attractive investment during periods of volatility. As central banks around the world take increasingly accommodative fiscal measures, such as low interest rates and massive government spending, Bitcoin has become a safe haven for investors looking to hedge against potential inflationary pressures. One of the major factors behind Bitcoin’s recent rise is the declining value of the US dollar. As the dollar weakens against other currencies, Bitcoin has become a more appealing store of value, particularly for international investors looking for a hedge against the dollar’s decreasing purchasing power. The ongoing inflation concerns, coupled with the dollar's decline, have created an environment where Bitcoin is seen as a reliable alternative asset. As Bitcoin continues to break records, its rise highlights a broader trend in the financial landscape: the increasing acceptance and integration of digital assets into traditional financial markets. With Bitcoin now valued higher than companies like Amazon and closing in on Apple, it is becoming clear that the digital currency is no longer a fringe asset but a mainstream financial instrument in its own right.

This latest surge in Bitcoin’s price, up 27 per cent year-to-date, has sparked a ripple effect across the broader crypto market, with the total value of all cryptocurrencies now surpassing $3.8 trillion.

Bitcoin surges to record highs again, but why?

In a defining moment for the crypto industry, the United States Senate has passed the GENIUS Act, a bill that sets up the first comprehensive regulatory framework for stablecoins, or digital tokens pegged to the US dollar.&nbsp;The bipartisan legislation, which passed with a 68-30 vote on Tuesday, marks a historic step in regulating the fast-growing stablecoin market. But it also arrives amid growing scrutiny of President Donald Trump’s personal and political ties to the digital asset industry.&nbsp;As reported by Reuters, the bill officially named the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act requires stablecoin issuers to hold full reserves in liquid assets like US dollars and short-term Treasury bills.&nbsp;&nbsp;It also mandates monthly public disclosures and compliance with anti-money laundering norms.<h2>Why stablecoins matter</h2>Stablecoins are a subset of cryptocurrencies designed to maintain a fixed value, typically pegged 1:1 to the US dollar. Unlike volatile tokens like Bitcoin, stablecoins allow for faster, cheaper digital payments, posing a direct challenge to traditional financial rails.&nbsp;According to a Deutsche Bank study, stablecoin transaction volumes exceeded $28 trillion in 2024, surpassing Visa and Mastercard combined.&nbsp;&nbsp;US-based platforms such as Coinbase, Stripe, and Shopify are already integrating stablecoin-based payments like USDC, signalling a broader shift in the way Americans move money.<h2>A political win for the crypto lobby</h2>The GENIUS Act is the crypto industry’s first major legislative win in Washington. As per Reuters, the sector spent more than $119 million lobbying Congress and backing pro-crypto candidates during the 2024 elections.&nbsp;It also comes as President Trump ramps up efforts to shape crypto policy. His campaign has been actively courting crypto donors, and his allies have been pushing for regulatory clarity in what’s now considered the most pro-crypto Congress in US history.&nbsp;Bo Hines, who chairs Trump’s Council of Advisers on Digital Assets, has said the White House wants a stablecoin law on the books by August.&nbsp;But that aggressive push has raised eyebrows and drawn criticism.<h2>Trump’s billion-dollar crypto empire</h2>According to recent financial disclosures cited by Reuters, Trump earned at least $57 million in 2024 from crypto-related ventures.&nbsp;&nbsp;He holds nearly 16 billion WLFI tokens, governance rights in World Liberty Financial, a crypto firm he partially owns. On paper, those holdings could be worth close to $1 billion.&nbsp;Trump’s digital asset portfolio doesn’t stop there. His crypto ventures include:      •     A meme coin named $TRUMP      •     A $2.5 billion bitcoin reserve      •     Plans for Bitcoin and Ethereum ETFs via Truth.Fi      •     A newly launched mining firm called American Bitcoin&nbsp;While the White House claims Trump’s assets are held in a family-managed trust, critics argue the legislation doesn’t go far enough in addressing presidential conflicts of interest.&nbsp;Senator Jeff Merkley, a Democrat from Oregon, accused Republicans of “rubber-stamping Trump’s crypto corruption,” warning that the bill paves the way for financial self-dealing at the highest levels of government.<h2>House battle looms: STABLE vs GENIUS</h2>Though the Senate has passed the GENIUS Act, the bill still faces hurdles in the Republican-controlled House of Representatives, which is reviewing its own version dubbed the STABLE Act.&nbsp;Both bills agree on key guardrails: no yield-bearing stablecoins and mandatory full-reserve backing. But they diverge on regulatory oversight.&nbsp;&nbsp;While the GENIUS Act centralises supervision with the US Treasury, the House bill splits it among the Federal Reserve, the Comptroller of the Currency, and other agencies.Reconciling the two bills is expected to be complex, congressional aides told Reuters.<h2>A clash of ideologies</h2>The bill’s passage underscores a broader clash in Washington over how to balance innovation and regulation in the crypto space.&nbsp;Senator Elizabeth Warren and others have warned that the GENIUS Act lacks sufficient safeguards, including restrictions on foreign stablecoin issuers and Big Tech players seeking to issue their own digital currencies.&nbsp;In response, the Conference of State Bank Supervisors called for “critical changes” to avoid weakening state-level financial oversight.&nbsp;Despite these concerns, supporters say the bill is a crucial first step.&nbsp;“This is a major milestone,” said Andrew Olmem, a former Trump adviser and current partner at law firm Mayer Brown, as quoted by Reuters. “It finally gives the industry a rulebook.”<h2>What’s next?</h2>With Trump’s crypto holdings under the spotlight and the House gearing up for its own stablecoin debate, the battle over how the US regulates digital money is far from over.&nbsp;But one thing is clear, digital dollars are no longer a fringe idea.&nbsp;&nbsp;With political power and big money behind them, stablecoins are entering the American financial mainstream, and the rules are just beginning to be written.&nbsp;(With inputs from the agencies) &nbsp;

The GENIUS Act sets the stage for US stablecoin regulation amid rising scrutiny of Trump’s billion-dollar crypto empire and political lobbying in Washington.

In a defining moment for the crypto industry, the United States Senate has passed the GENIUS Act, a bill that sets up the first comprehensive regulatory framework for stablecoins, or digital tokens pegged to the US dollar. The bipartisan legislation, which passed with a 68-30 vote on Tuesday, marks a historic step in regulating the fast-growing stablecoin market. But it also arrives amid growing scrutiny of President Donald Trump’s personal and political ties to the digital asset industry. As reported by Reuters, the bill officially named the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act requires stablecoin issuers to hold full reserves in liquid assets like US dollars and short-term Treasury bills. It also mandates monthly public disclosures and compliance with anti-money laundering norms. Why stablecoins matter Stablecoins are a subset of cryptocurrencies designed to maintain a fixed value, typically pegged 1:1 to the US dollar. Unlike volatile tokens like Bitcoin, stablecoins allow for faster, cheaper digital payments, posing a direct challenge to traditional financial rails. According to a Deutsche Bank study, stablecoin transaction volumes exceeded $28 trillion in 2024, surpassing Visa and Mastercard combined. US-based platforms such as Coinbase, Stripe, and Shopify are already integrating stablecoin-based payments like USDC, signalling a broader shift in the way Americans move money. A political win for the crypto lobby The GENIUS Act is the crypto industry’s first major legislative win in Washington. As per Reuters, the sector spent more than $119 million lobbying Congress and backing pro-crypto candidates during the 2024 elections. It also comes as President Trump ramps up efforts to shape crypto policy. His campaign has been actively courting crypto donors, and his allies have been pushing for regulatory clarity in what’s now considered the most pro-crypto Congress in US history. Bo Hines, who chairs Trump’s Council of Advisers on Digital Assets, has said the White House wants a stablecoin law on the books by August. But that aggressive push has raised eyebrows and drawn criticism. Trump’s billion-dollar crypto empire According to recent financial disclosures cited by Reuters, Trump earned at least $57 million in 2024 from crypto-related ventures. He holds nearly 16 billion WLFI tokens, governance rights in World Liberty Financial, a crypto firm he partially owns. On paper, those holdings could be worth close to $1 billion. Trump’s digital asset portfolio doesn’t stop there. His crypto ventures include:       •     A meme coin named $TRUMP       •     A $2.5 billion bitcoin reserve       •     Plans for Bitcoin and Ethereum ETFs via Truth.Fi       •     A newly launched mining firm called American Bitcoin While the White House claims Trump’s assets are held in a family-managed trust, critics argue the legislation doesn’t go far enough in addressing presidential conflicts of interest. Senator Jeff Merkley, a Democrat from Oregon, accused Republicans of “rubber-stamping Trump’s crypto corruption,” warning that the bill paves the way for financial self-dealing at the highest levels of government. House battle looms: STABLE vs GENIUS Though the Senate has passed the GENIUS Act, the bill still faces hurdles in the Republican-controlled House of Representatives, which is reviewing its own version dubbed the STABLE Act. Both bills agree on key guardrails: no yield-bearing stablecoins and mandatory full-reserve backing. But they diverge on regulatory oversight. While the GENIUS Act centralises supervision with the US Treasury, the House bill splits it among the Federal Reserve, the Comptroller of the Currency, and other agencies. Reconciling the two bills is expected to be complex, congressional aides told Reuters. A clash of ideologies The bill’s passage underscores a broader clash in Washington over how to balance innovation and regulation in the crypto space. Senator Elizabeth Warren and others have warned that the GENIUS Act lacks sufficient safeguards, including restrictions on foreign stablecoin issuers and Big Tech players seeking to issue their own digital currencies. In response, the Conference of State Bank Supervisors called for “critical changes” to avoid weakening state-level financial oversight. Despite these concerns, supporters say the bill is a crucial first step. “This is a major milestone,” said Andrew Olmem, a former Trump adviser and current partner at law firm Mayer Brown, as quoted by Reuters. “It finally gives the industry a rulebook.” What’s next? With Trump’s crypto holdings under the spotlight and the House gearing up for its own stablecoin debate, the battle over how the US regulates digital money is far from over. But one thing is clear, digital dollars are no longer a fringe idea. With political power and big money behind them, stablecoins are entering the American financial mainstream, and the rules are just beginning to be written. (With inputs from the agencies)

The US Senate has passed the landmark GENIUS Act, giving stablecoins their first clear rulebook as Trump’s deep crypto ties spark conflict-of-interest concerns.

GENIUS Act: US Senate passes landmark crypto bill amid Trump’s billion-dollar stablecoin push

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Crypto bill setback in House of Representatives delays legislation, sends Bitcoin price tumbling

Bitcoin surges to record highs again, but why?

GENIUS Act: US Senate passes landmark crypto bill