The US Congress started “crypto week” focusing on digital asset legislation, with Republicans pushing three crypto bills. However, opening arguments quickly shifted to defense spending. Representative Jim McGovern criticized the bills as a “GOP’s crypto giveaway,” calling them weak and ineffective regulatory solutions. Democrats are pushing back, citing potential conflicts of interest for President Trump.

North Carolina Representative Virginia Foxx praised the GENIUS Act, suggesting Republicans prioritize it over regulating CBDCs. Bipartisan support may be necessary to pass all three bills. Democrats like Maxine Waters and Adam Schiff have raised concerns about President Trump’s family-backed crypto company. Debate in the House committee shifted to defense spending but is expected to return to digital assets soon.

Republican House leaders aim to pass all three bills before the August recess, giving them less than two weeks. The GENIUS Act and other crypto bills are expected to be discussed further in Congress. The focus on digital assets may intensify as the deadline approaches.

Read more at Cointelegraph

Bitcoin reached a new all-time high of $63,000 as institutional interest continues to grow. The cryptocurrency market cap surpassed $2 trillion for the first time, with Bitcoin dominating 55% of the total market. Ethereum also saw a surge, hitting a record high of $2,200. Analysts predict further growth in the coming weeks.: Crypto Bill Debate Kicks Off With Claims Of ‘GOP Giveaway’ To Industry