Crypto Bill Passed: GENIUS and Clarity Acts to Regulate Crypto World

After an initial failure, the U.S. House of Representatives finally passed the crypto bill on July 16, with a narrow 215–211 vote. This allows the GENIUS Act and the Digital Asset Market Clarity Act (Clarity Act) to move forward for final approval. Wu Blockchain shared the details over X (formerly Twitter).

Source: X

The vote followed a late-night emergency meeting called by President Donald Trump with 11 Republican lawmakers and House Speaker Mike Johnson. The procedural breakthrough is being seen as a big win not just for the U.S., but for global adoption.

This comes after multiple GOP lawmakers switched sides back and forth within 24 hours—making it one of the most dramatic crypto bill news updates ever.

1inch CCO Hedi Navazan Backs GENIUS Act, Criticizes Past Regulatory Gaps

1inch CCO Hedi Navazan praised the GENIUS Act, saying it could have stopped major disasters like the Terra-Luna crash. In his words:

" If this bill had existed before, collapses like Terra would have likely been prevented. It offers the legal clarity needed to regulate stablecoins and build trust in the system."

Navazan pointed out that without proper regulations, algorithmic stablecoins created massive risks. The new rules under the GENIUS Act are expected to bring much-needed structure to the stablecoin space and boost global trust in assets.

Meanwhile, CZ (ex-CEO of Binance) also commented—defending the bill and rejecting claims by Elizabeth Warren, who strongly opposed it.

Elizabeth Warren Opposes Bill, CZ Fires Back

Senator Elizabeth Warren criticized the bill , saying it could destroy the value of the NYSE and hurt the U.S. economy. She claimed it would allow companies to bypass SEC rules and warned of rising utility bills, job losses, and hospital closures.

Source: X

But CZ pushed back, saying:

"NYSE is just one company owned by ICE. Amazon alone has a bigger market cap. NYSE is not the entire economy."

He argued that the U.S. should not limit itself in the name of protecting a single market structure.

Crypto Bill Passed—Will the U.S. Now Lead Global Crypto Innovation?

While El Salvador was the first country to legalize Bitcoin, the U.S. may now lead the global digital asset revolution. America already has a strong position and remains a top Bitcoin holder (holding 207,189 BTC), as per BitBo report.

Source: BitBo

With the highest MicroStrategy Bitcoin holdings —over 601,550 BTC—and a growing number of banks working on stablecoin launches. Bank of America and Citibank are both exploring crypto-friendly services.

President Trump has also promised to become the “crypto president,” further boosting confidence in the space. The approval news shows that the U.S. is serious about building a legal framework for blockchain and digital assets.

Crypto Market Soars: Ethereum Price Up Today, Bitcoin Steady

Following the news, the digital asset market surged. The global market cap is up 1.51%, now at $3.77 trillion. Bitcoin is trading around $118,379, while Ethereum price rose by 7%, standing at $3,345. Solana rose 5% to $170, and XRP is up 6% at $3.08.

Source: CoinMarketCap

Many investors asked: did the crypto bill pass? Yes—and that’s why crypto is going up today.

Experts believe this will help reduce scams and illegal activities by creating clear rules. It also gives confidence to new investors and could bring in more global capital to the U.S.

Conclusion

The Crypto Week update just turned historic. With the news, the U.S. has taken a big step toward becoming a global hub for digital assets. The GENIUS and CLARITY Acts promise regulation, safety, and growth for digital assets in America and beyond.

Disclaimer: This article is for informational purposes only and not financial advice. Always do your own research before making investment decisions.