Ahead of Crypto Week, U.S. Executive Director of the President’s Council of Advisers on Digital Assets of the White House, Bo Hines, made a huge statement, saying, “Big week coming up — it’s time to position America as the global leader in crypto.”
On July 3, House Committee on Financial Services Chairman French Hill, House Committee on Agriculture Chairman GT Thompson, and pro-crypto House Leadership jointly announced Crypto Week, starting from July 14.
Bo Hines Hints at Major Development for Digital Assets
Bo Hines’ statement comes amid a historic rally in Bitcoin. On July 11, Bitcoin surpassed a crucial milestone in its bullish momentum, soaring over the $118,000 mark. At the time of writing, BTC is trading at around $117,926.99 with a 9.55% hike in a week. This bull run has also triggered its correlation with altcoins, soaring their prices.
For instance, Ethereum (ETH) has reclaimed its crucial $3000 mark with an impressive market capitalization of $362.69 billion. Meanwhile, XRP has also surged to $2.81 with a 27.34% hike in a week. This bull run shows the market’s growing confidence in the crypto market, thanks to positive developments in the regulatory framework and mainstream adoption of cryptocurrencies like BTC.
During this crypto week, the US House is going to discuss three landmark pieces of legislation: the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate’s GENIUS Act.
Under the leadership of pro-crypto POTUS, Trump’s administration’s rigorous legislative efforts have attracted attention worldwide.
For instance, the US government is in discussions with many crypto leaders to examine the impact of crypto regulation on the market. Recently, Ripple CEO Brad Garlinghouse got an invitation to testify before the U.S. Senate Banking Committee on Wednesday, calling for urgent crypto market structure legislation.
“For the first time in U.S. history, we have a president who sees the value in embracing digital assets, and already we are working to capitalize on that,” Senator Cynthia Lummis stated in the official press release.
“As we celebrate crypto week, I am thrilled to partner with Chairman Hill and Chairman Thompson to pass comprehensive stablecoin legislation, establish clear market structure rules, and ensure that any central bank digital currency respects Americans’ privacy and financial freedom. Together, we are going to maintain America’s competitive edge and ensure the United States remains the global leader in financial technology while preserving the principles that make our economy the strongest in the world.”
Also Read: US Treasury Drops Controversial Crypto Reporting Rule
