Crypto bounces on renewed optimism House could pass key stablecoin legislation this week

Bitcoin climbed about 1.5%, stabilizing around $118,800, while Ethereum rallied roughly 5.6% to $3,146, and smaller alt‑coins like XRP and Solana also posted solid gains. Investor sentiment improved following reports that the House may once again consider the Senate‑passed GENIUS Act this week Mitrade+4Investors+4Business Insider+4.

What Happened on Capitol Hill

• Stalled “Crypto Week”: The House initially hit a snag when a procedural vote fell 196–223, derailing plans to advance three crypto bills — the GENIUS Act (stablecoins), CLARITY Act, and Anti‑CBDC Surveillance State Act. A rebellion by 13 Republicans, siding with Democrats, halted the process Business Insider+15Axios+15Barron's+15.
  
  

• Trump Steps In: Former President Trump convened with lawmakers, reportedly securing backing from 11 of the 12 GOP votes needed to re‑pass the rule enabling debate on GENIUS CoinGape+1CoinCentral+1.
  
  

• New procedural vote scheduled: A follow‑up vote is slated for around 12:20 PM EDT today (July 15). If the rule passes, the House could proceed to full debate and a final vote Reuters+9CoinGape+9CoinCentral+9.
  
  

Why It Matters

• Regulatory Clarity: The GENIUS Act would create the first federal framework for dollar‑pegged stablecoins, requiring clear reserves, audits, and oversight by the Treasury—bringing much‑needed clarity to the sector ajc+15Reuters+15CoinGape+15.
  
  

• Boosting Adoption: Market analysts believe passage could catalyze retail and institutional adoption of stablecoins, with potential knock‑on effects for payment giants like Visa, Mastercard, PayPal, and crypto companies like Coinbase and Circle Business Insider+1Business Insider+1.
  
  

• Macro Impacts: The outcome will signal whether Congress is ready to embrace broader crypto integration. Passage could unlock institutional capital and legitimize digital assets in everyday finance MarketWatch+14Business Insider+14Reuters+14.

Risks & Political Stakes

• Internal GOP divisions: Freedom Caucus members expressed concerns about linking crypto bills to defense funding and pushing all three as a package CoinGape+1CoinCentral+1.
  
  

• Democratic scrutiny: Some Democrats warn the GENIUS Act could encourage private crypto issuance or sideline protections, and question financial interests tied to Trump’s own World Liberty stablecoin Mitrade+7AP News+7FastBull+7.
  
  

• Opposition to CBDC: The Anti‑CBDC bill reflects conservative fears of surveillance via Federal Reserve digital currency Axios.
  
  

Looking Ahead

1. Afternoon procedural vote slated for around 12:20 PM ET—passage would reopen the path to debate and final approval.
   
   

2. If approved, the House may quickly pass GENIUS before the August recess—and with strong Trump support, it could soon land on his desk.
   
   

3. Broader crypto impact: If cleared, markets may see further rallies, and major financial players may accelerate stablecoin integration into payments and services.
   
   

Investors and industry watchers will be watching closely today’s House vote. A successful turnaround could mark a watershed moment for stablecoin regulation—and the broader future of U.S. crypto policy.