Crypto Weekly: US House Advances Stablecoin Legislation and Bitcoin Hits New Highs

US House Advances Crypto Legislation

• 🏛️ The Republican-controlled US House of Representatives cleared key procedural hurdles for crypto legislation this week.
• 🤝 This advancement came after President Trump intervened to support the initiative, moving it closer to becoming the first federal law for digital assets.
• 💬 The votes followed over 9 hours of private discussions aimed at persuading skeptical lawmakers.

Stablecoin Framework Bill

• ⚖️ A bill to establish a federal framework for stablecoins is anticipated to be the first to pass, marking a significant win for the crypto industry.
• 🏦 Major US lenders, including Bank of America and City Bank, are reportedly working on launching their own stablecoins.
• 💡 Stablecoins are defined as cryptocurrencies designed to maintain a constant value, typically pegged to a fiat currency like the US dollar, and are commonly used by traders to move funds between different tokens.

Trump Family Crypto Ventures and Bitcoin Milestones

• 📈 Holders of digital tokens issued by World Liberty Financial, a venture linked to Donald Trump's family, have voted to make them tradable, potentially increasing the value of his holdings.
• 🚀 Bitcoin crossed the $120,000 level for the first time this week, reaching a milestone for the cryptocurrency.
• ⚡ Investors had anticipated policy wins, contributing to Bitcoin scaling a record high of over $122,000 before a slight pullback.