In a single week, Bitcoin reached a new market value twice as the Trump Administration seeks to have Congress pass three pro-crypto bills. The golden digital currency first broke through its $110,000 mark with $118,000 on July 11. Then, at the start of Crypto Week, investors helped it surpass its $120,000 milestone, rounding its new value to $123,000. Within hours, the House of Representatives’ Democratic Caucus and a few members of the Republican Party prevented the president’s crypto bill package from becoming law.

The Rejected US Crypto Bill Package

During his first presidential term, President Donald Trump had no interest in cryptocurrency. Now, he seeks to regulate it after Bitcoin’s price point reached over $100,000. In 2023, Congressmen French Hill, Bill Hagerty, and Tom Emmer supported three pro-crypto bill drafts:

• The CLARITY Act: The Commodity Futures Trading Commission (CFTC) would oversee and define cryptocurrencies within a regulated framework. This bill encourages identification of decentralized coins and mature blockchains through trade monitoring, recordkeeping, and the commingling of customer assets.

• The Anti-CBDC Surveillance State Act: The Biden Administration previously established financial surveillance in 2022. President Trump saw this bill as a violation of citizens’ privacy, as their digital assets relied on a central bank. This method would allow the Federal Reserve to monitor transactions by a government-managed ledger. This new order would prohibit federal agencies from pursuing it.

• The GENIUS Act: Stablecoin issuers would be required to be permitted by a federal or state regulator. They can choose a fixed-rate currency, such as the US dollar, if the issuance is worth $10 billion or less. All issuers must have access to reserve backing, asset safekeeping transparency, and secure supervised operations.

The CLARITY Act, Anti-CBDC Surveillance State Act, and the GENIUS Act were presented to the House earlier on July 14, 2025. House Speaker Mike Johnson hoped the president’s bills would pass into legislation. The results disappointed Trump as some of his fellow Republicans voted against them. The final vote was 191-223.

The Trumps Says Cryptocurrency Will Aid US Economy

Many politicians rejected President Trump’s new cryptocurrency regulation due to his latest earnings from digital assets. His sons, Eric and Donald Trump Jr., launched their Bitcoin mining firm, American Bitcoin, on May 12. The brothers merged with Gryphon Digital Mining and Hut 8 to accumulate an affordable version of BTC. The merger also granted them access to the NASDAQ exchange under ABTC.

Due to their endeavors, the Trumps earned $57.7 million from their crypto venture on June 14. President Trump heavily supported the GENIUS Act to help regulate stablecoins. Unlike Bitcoin, stablecoins keep a fixed price to avoid volatility. He told his followers on Truth Social that he wants Congress to pass the bill to make the US a cryptocurrency capital:

“The GENIUS Act is going to put our Great Nation lightyears ahead of China, Europe, and all others, who are trying endlessly to catch up, but they just can’t do it. Digital Assets are the FUTURE, and we are leading by a lot! Get the first Vote this afternoon. (ALL REPUBLICANS SHOULD VOTE YES!)”

After receiving the results, Trump is using executive power to convince his skeptical colleagues to overturn the House’s ruling. Republican Majorie Taylor Green explained that she voted against the crypto bill package because the GENIUS Act would nullify the Anti-CBDC Surveillance State Act. She explained this to her supporters on the X platform:

“I just voted NO for the GENIUS Act because [the bill] did not include the ban for CBDC. [Speaker Johnson also] did not allow us to submit amendments to [it]. American do not want a government-controlled Central Bank Digital Currency. Republicans have a duty to ban CBDC. President Trump included the ban [in his January 23rd executive order] and Congress must include [the bill] in the GENIUS Act.”

Bitcoin $123K Market Price Drops to $119K

Cryptocurrency investors watched Bitcoin’s value drop during the debate in the Congress. The price grew to $118,000 on July 11. After the Republican Party declared Crypto Week, Bitcoin’s price jumped to $123,000 while they hoped for passage of Trump’s crypto bill package. The price later dropped back to $117,000 and is steadily climbing back up to $119,000.