Bitcoin Rebounds to $71,000 as House Readies Crypto Vote

Bitcoin surges past $71,000 ahead of U.S. crypto bill vote - Key regulatory clarity expected to reshape stablecoin rules President Joe Biden announced that the U.S. House of Representatives will vote on two pivotal cryptocurrency regulation bills this week: the Financial Innovation and Technology for the 21st Century Act (FIT21) and the Clarity for Payment Stablecoins Act. This news sparked immediate optimism in the crypto markets; as a result, Bitcoin and Ether prices surged, and major crypto companies like Coinbase and Robinhood saw significant gains. The White House announced that it would not veto the FIT21 bill, paving the way for a vote on the two bills. The Clarity for Payment Stablecoins Act proposes a comprehensive legal framework for stablecoins that includes reserve requirements, licensing systems, and consumer protection measures. Meanwhile, the Financial Innovation and Technology for the 21st Century Act (FIT21) aims to define digital asset classifications and designate regulatory oversight to the SEC and CFTC, which would resolve ongoing questions about jurisdiction and compliance within the crypto sector. Markets reacted swiftly, with Bitcoin recovering to $71,000 per coin and Ether climbing past $3,800. Stocks of companies deeply embedded in the crypto industry also rebounded sharply after recent dips caused by regulatory uncertainty. Fueled by the prospect of clearer rules, investor confidence grew, leading to substantial gains for Coinbase and Robinhood. Analysts emphasized that such regulatory clarity could unlock institutional interest and stabilize the broader market ecosystem by reducing ambiguity around oversight and compliance standards. On July 16, 2024, CoinMarketCap reported that as of 15:18 UTC, Bitcoin (BTC) was trading at $66,152, a decrease of 2.43%, while Ethereum (ETH) was trading at $3,516, a decrease of 1.88%.