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U.S. Digital Assets Boom Following Congressional Approval of Crypto Bills
The U.S. House of Representatives has witnessed a milestone “Crypto Week” with the passage of three landmark bills: the GENIUS Act, CLARITY Act, and the Anti-CBDC Surveillance State Act. This regulatory breakthrough ignited a bullish wave across U.S.-based digital assets, underscoring the growing optimism in the crypto market.
As of October 18, data from CoinGecko highlighted an impressive surge, with the collective market capitalization of U.S.-origin digital assets briefly exceeding $542 billion, equivalent to roughly 755 trillion Korean won.
FRAX and Other U.S.-Based Tokens Drive Market Rally
Leading the charge in the crypto rally is Frax (FRAX), which skyrocketed by over 60% in the past week to surpass the $3.60 threshold. Telcoin (TEL) also thrived, gaining 42.5% during the same timeframe. Other standout performers included:
- Bonk (BONK): Up 44% weekly
- Uniswap (UNI): Gained 13%
- Optimism (OP): Rose 11%
In addition, Pudgy Penguins (PENGU) saw a meteoric rise in value, fueled by Canary Capital’s recent filing with the U.S. Securities and Exchange Commission (SEC) on October 10 to launch a PENGU spot ETF. This filing catapulted PENGU’s price by 35.2% during the week, culminating in a remarkable 235% growth over the past month.
Regulatory Clarity Sparks Market Optimism
The rally in U.S.-based digital assets is widely credited to growing optimism over the newly attained regulatory clarity. Many industry experts view this moment as a turning point for the digital asset ecosystem, signaling how clear regulatory frameworks can bolster market confidence.
Mike Cahill, CEO of Duro Labs, highlighted this sentiment, stating, “This recent rally reflects growing expectations around regulatory clarity. These legislative approvals now allow U.S. crypto projects to compete on equal footing with global competitors.”
Ian De Borde, Chief Strategy Officer at Ondo Finance, echoed similar thoughts, calling “Crypto Week” a pivotal moment for the industry. He remarked, “The U.S. is finally recognizing digital assets as fundamental to technological innovation. Institutional investors have long awaited regulatory clarity to fully participate in this space.”
He further elaborated, “This shift lays the groundwork for integrating digital assets as regulated financial instruments rather than treating them as purely speculative assets.”
Pro-Legislation Brings U.S. Crypto Market Closer to Institutional Adoption
The enactment of these transformational bills marks a major step forward in embedding blockchain technology and cryptocurrencies into the fabric of the U.S. financial system. By providing transparent legal guidelines, the GENIUS and CLARITY Acts are expected to dismantle barriers to institutional adoption, drawing in traditional financial institutions that were previously hesitant.
In the broader context, this legislative momentum positions the U.S. as a leader in crypto innovation on the global stage. With a regulatory framework solidifying the foundation for blockchain-driven advancements, the country is paving the way for widespread adoption and future technological breakthroughs in the digital asset market.
Conclusion
The U.S.’s proactive steps toward crypto-friendly regulations have sent a resounding message: blockchain and digital assets are no longer just disruptive technologies—they are an integral part of the global financial architecture. With institutional engagement anticipated to rise, the future seems bright for U.S.-led digital asset innovations. As optimism builds, it remains to be seen how these regulatory shifts will shape the global crypto landscape.
Keywords Optimized for SEO: U.S. crypto market, U.S.-based digital assets, GENIUS Act, CLARITY Act, Anti-CBDC Surveillance State Act, Frax (FRAX), Telcoin (TEL), digital asset regulation, blockchain legislation, institutional crypto adoption, Pudgy Penguins (PENGU), SEC ETF filing.
