U.S. House Advances Major Crypto Bills Amid Market Rebound

U.S. financial markets experienced volatility due to political developments under President Donald Trump, including speculation about the potential firing of Federal Reserve Chair Jerome Powell, which initially spooked stock markets before Trump's denial helped stabilize them. Meanwhile, the cryptocurrency market rallied strongly despite earlier setbacks in Congress where key crypto-related bills failed to advance. However, following a late-night White House meeting with President Trump, conservative Republicans reversed their opposition, leading the House to vote to move forward with landmark legislation including the GENIUS Act, which establishes a regulatory framework for stablecoins, and the CLARITY Act, which aims to clarify crypto regulation by designating oversight between the SEC and CFTC. The passage prospects of these bills have boosted major cryptocurrencies like Bitcoin and Ethereum as well as crypto-related stocks such as Circle and Coinbase, with the market anticipating final votes shortly. The GENIUS Act, having passed the Senate, would prohibit stablecoin issuers from paying interest and reinforce the Ethereum network's role in stablecoin applications, while the CLARITY Act addresses broader market structure rules. Despite some ongoing uncertainty, analysts expect these bills to eventually pass, marking a significant regulatory milestone for the U.S. crypto industry.