After suffering a series of setbacks earlier in the week, all three crypto bills finally passed through the House of Representatives yesterday. The Genius Act, which focuses on the issuance of stablecoins, now only awaits the signature of president Trump. The Clarity Act and Anti-CBDC Act meanwhile still have to face the scrutiny of the Senate. A collective sigh of relief swept through the crypto sphere following the successful vote, among developers and investors alike. While shares in Coinbase (COIN) and Robinhood (HOOD) obviously took the news very well, the bigger surge is currently unfolding in the wider cryptocurrency market. Bitcoin has been relatively stable in recent sessions, consolidating near record highs of $120k, but the real drama is currently unfolding in the alt market. Alt coins up and down the table have experienced staggering gains this week and some voices are already calling for “alt season”. Whether or not such calls are justified is up for debate, but the bigger picture is certainly more optimistic than it has been in a long time. Greater regulatory clarity can only be a good development for the beleaguered industry and the steps made this week have already prompted the likes of JPMorgan Chase, Citigroup and Bank of America to announce their intent to embrace stablecoins.
US retail data published yesterday revealed a surprise increase in sales in June, while the latest unemployment figures uncovered an unexpected fall in jobless claims. The combined data points pushed the S&P 500 and Nasdaq Composite indices to new record highs. Both indices received a helping hand from tech giants Microsoft (MSFT) and Nvidia (NVDA), which both hit record highs of their own yesterday. Nvidia continued to push north of a $4 trillion valuation after the chipmaker received permission to sell its H20 chips to China.
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