Sen. Cynthia Lummis, R-Wyo., discusses crypto regulation and tax reform on Making Money.
Bitcoin hit a record high on Monday amid investors’ optimism that the cryptocurrency may soon have more regulatory certainty with legislation moving through the Republican-led Congress.
Investors on Monday pushed bitcoin above the $120,000 threshold for the first time, touching an all-time high above $123,000 before paring some of those gains and trending closer to $120,000. That brings the cryptocurrency’s year-to-date gains to 28.5%.
Bitcoin’s rise comes ahead of the House of Representatives considering a series of cryptocurrency bills this week that, if passed, could give the digital assets industry a regulatory framework it has long pursued.
Republicans have embraced crypto and digital assets following President Donald Trump’s campaign pledge to make the U.S. the “crypto capital of the world” and a “bitcoin superpower,” with lawmakers in both chambers advancing legislation on the subject.
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Bitcoin’s rise comes ahead of the House of Representatives considering a series of cryptocurrency bills this week that, if passed, could give the digital assets industry a regulatory framework it has long pursued. ((Photo credit should read KAREN BLEIER/AFP via Getty Images) / Getty Images)
The Trump family has also launched business ventures in the crypto and digital assets space, launching World Liberty Financial as well as a meme coin in the past year.
Among the slate of bills that Republicans are set to consider during what they’ve dubbed “crypto week” is the Senate-passed GENIUS Act, which would create federal regulatory rules for dollar-denominated stablecoins.
The GENIUS Act would define a payment stablecoin as a digital asset used for payment or settlement that’s pegged to a fixed monetary value. Additionally, it would establish procedures for firms seeking licenses to issue stablecoins, as well as reserve requirements and regulatory standards for issuers.
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Trump appealed to bitcoin and crypto advocates during his 2024 campaign. (Photographer: Brett Carlsen/Bloomberg via Getty Images / Getty Images)
Other bills scheduled to be considered in the House include the Digital Asset Market Clarity Act and the Anti-CBDC Surveillance State Act.
Simon Peters, analyst at eToro, noted in a report by Reuters that the weakness of the U.S. dollar, which is near the lowest level in three years, contributed to bitcoin hitting a record high.
He added that Congress’s consideration of the crypto bills could provide an additional boost to the digital asset’s current run.
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“Developments around these pieces of crypto legislation could provide a further tailwind to the current rally. We wait to see,” Peters said.
Reuters contributed to this report.
