Expectations Rise for This Week’s US ‘Crypto Week’… Bitcoin Surpasses $120,000 for the First Time

Virtual Asset Bills Poised for Congressional Passage

State-Level Stablecoin Issuance to be Permitted

'GENIUS Act' Under Discussion in the House

Bitcoin surpassed $120,000 for the first time in history. In Korea, it also broke its previous all-time high. With 'Crypto Week'—a focused period where the US House of Representatives will discuss virtual asset-related bills from the 14th to the 18th—expectations are rising.

According to CoinMarketCap, as of 3 p.m. on the 14th, Bitcoin was up 3.99% over the past 24 hours to $122,481. This is the first time Bitcoin has passed $120,000. In Korea, Bitcoin also renewed its record, approaching ₩166 million.

The reason for Bitcoin’s rally is the impending congressional passage of three major virtual asset-related bills in the United States. Among them, the so-called GENIUS Act, which regulates stablecoins, passed the Senate on the 17th of last month and is now up for discussion in the House this week. The essential provision allows federally and state-authorized institutions to issue stablecoins. According to the bill, issuers must hold 100% reserve assets and undergo monthly audits.

The Clarity Act, a digital asset clarification bill, is designed to delineate the regulatory authority of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over digital assets. Depending on the asset type, securities fall under the SEC, and commodities under the CFTC. The Anti-Central Bank Digital Currency Act prohibits the issuance of a CBDC by the Fed.

The market expects that, if these bills pass Congress, they will bolster the pro-cryptocurrency policies of the Donald Trump administration.

Jinseong Kim, jskim1028@hankyung.com