“Crypto Week” is moving full steam ahead as the House on Thursday afternoon approved three key bills that could reshape the digital asset industry in the U.S. Crypto news chatter also shows some groups worried the new rules could lead to a new, underregulated U.S. banking sector. Coinbase stock and MARA Holdings surged on Friday.
The House on Thursday passed the CLARITY Act in a 294-134 vote, the GOP Financial Services Committee announced online. The crypto market structure bill will now move on to the Senate.
The House also passed the GENIUS stablecoin bill in a 308-122 vote. The GENIUS bill has passed both chambers of Congress, meaning it will now move to President Trump’s desk for his signature.
Majority Whip Tom Emmer also announced that the Anti-CBDC Surveillance State Act passed the House in a 219-210 vote. The Anti-CBDC bill also needs to pass the Senate.
The Senate will convene on Monday. It is unclear if either of the crypto bills will be on the agenda.
The approvals comes after hefty negotiations and an hours-long standoff on Wednesday.
Wednesday Negotiations
The House voted 217-212 to advance the trio of cryptocurrency bills following an over 9 hour standoff between House conservatives and members of the Financial Services and Agriculture committees, Politico reported.
A group of Republicans, who flipped to side with Democrats during the procedural vote on Tuesday, on Wednesday pushed to merge the CLARITY market structure bill with the legislation to ban a central bank digital currency. However, GOP members of the Financial Services and Agriculture committees feared the addition would hobble Democratic support for the CLARITY Act. The group eventually struck a deal to attach an anti-CBDC measure to the defense authorization bill.
House Speaker Mike Johnson reportedly mediated the negotiations during a late-night meeting in his office. Speaker Johnson briefed President Donald Trump on the deal, who was “happy with it,” anonymous sources told Politico.
Crypto News: Voting Holdup, Trump Intervention
The crypto bills had hit a holdup on Tuesday after the vote to bar the legislation from being brought up for debate. Politico reported that the GOP members who voted to halt the process wanted additions to the GENIUS Act, rather than accepting the bill as-was. The concerns regarded including a ban for government-sponsored digital currencies to be added to the GENIUS bill. Those stipulations are included in the CLARITY Act, which has yet to pass the Senate.
On Tuesday afternoon there were some proposals to roll all three crypto bills into one act. But that failed to garner the required support.
President Trump jumped into the crypto news in a social media post on Tuesday evening., He said he met with 11 of the 12 members of Congress needed to pass the GENIUS Act.
“After a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule,” President Trump posted to his Truth Social account. He added that House Speaker Mike Johnson attended via telephone and will take the vote “as early as possible.”
The group did vote in favor, but not until late Wednesday night and after some hard fought negotiations.
Potential Impact
Cryptocurrency analysts expect the bills could provide some much-needed clarity to the digital asset industry.
Greg Benhaim, executive vice president at digital asset manager 3iQ said passage paves the way for further cryptocurrency innovation and adoption, but that may not happen immediately.
He doubts that legislative approvals will impact the price of bitcoin significantly. Benhaim said he “wouldn’t be surprised” if there’s a sudden price spike after bill approval, followed by a slow decline back in price prior to their passage.
But there are concerns. Sen. Elizabeth Warren (D-Mass.) during a July 9 committee meeting warned that the CLARITY Act may allow loopholes for some public companies like Meta Platforms (META) or Tesla (TSLA) to tokenize their assets to avoid SEC regulations.
The Independent Community Bankers Association is also tracking the crypto news. In a recent letter to House leadership, the group said that the legislation “must not create a shadow banking system that offers fewer protections to consumers,” the American Banker reported.
The ICBA said that the CLARITY bill would amend the Bank Holding Company Act and “open the door” for crypto firms to own banks through a holding company. That could potentially usher in “a new generation of Too-Big-to-Fail institutions.”
The ICBA also requested for the GENIUS Act to prohibit nonbanks from accessing Federal Reserve master accounts and ban workarounds from offering yield on stablecoins. The organization also pushed to prohibit crypto exchanges from offering “banking-like services that would lead to ‘shadow banks’.”
Those concerns have not been mended in the bill ahead of the “Crypto Week” votes.
Bitcoin, Crypto Price Action
Bitcoin traded around $118,800 early Friday, sliding from its Thursday high below $121,000. The world’s largest cryptocurrency on Monday powered to a record near $123,100 to handily clear its previous peak of $111,970 from late May. Bitcoin has surged more than 27% in 2025.
Ethereum continues to rally, hitting $3,674 on Thursday. ETH traded around $3,640 early Friday. Ethereum has soared 50% over the past month and is now up about 9% on the year.
Bitcoin treasury firm Strategy (MSTR) fell 1.7% Friday after declining 1% Thursday. Shares swung 1.7% higher early Wednesday. Strategy stock is trading near the top of a buy zone for a cup base, above a 430.35 buy point following its July 11 breakout.
The iShares Bitcoin Trust ETF (IBIT) and other spot bitcoin ETFs were little-changed Friday. The stocks dipped Thursday after climbing 1.9% Wednesday. Shares of the group are trading in or above buy zones following their flat base breakouts from last week.
Coinbase (COIN) stock rallied almost 7% Friday. Shares of the crypto exchange swung 3.2% higher on Thursday. COIN stock is up nearly 79% so far this year.
MARA HoldingsMARA surged 3.6% on Friday, bringing its gain on the week to more than 8%. Shares of the bitcoin miner have jumped 24% in 2025.
