Crypto Week Stumbles as Key Bills Fail to Pass

The much-anticipated Crypto Week is already failing to deliver on what many expected. We were meant to see three bills aimed at crypto legislation pass and provide much-needed clarity within the space: the GENIUS Act, the CLARITY Act and the Anti-CBDC Act.

Overnight we saw the first vote occur, but the US House failed to advance all three bills with a vote of 196-223. Most Republicans voted in favour, but the no votes came predominantly from Democrats, with even some Republicans dissenting. Rep. Marjorie Taylor Greene, one of the Republicans who voted no, argued that the legislation didn’t go far enough to prevent the creation of a US CBDC. Greene posted on X following the vote:

There is still a push from Trump to get the GENIUS Act through and on his desk for signing this week. This means that instead of passing all three bills at once, they may now go through individually, providing a better chance of success.

Bitcoin has pulled back as a result, yet the move wasn’t felt evenly across the market. Bitcoin is down nearly 5% from its high on Monday, while Ethereum has pushed to new highs, up over 2% with Bitcoin down nearly 2% over the last 24 hours. Sui also continues to show strength, up nearly 5% over the same period. It’s a mixed bag considering Bitcoin’s price action, but this pullback is nothing to worry about — it should be seen as an opportunity for those looking to accumulate during a bull market dip. It also highlights the resilience within the altcoin market at the moment.

In other news, inflation data was released overnight. Core CPI month-on-month fell by 0.1%, headline CPI month-on-month came in as expected, and headline CPI year-on-year rose by 0.1%. With an interest rate decision due in two weeks, the probability of no cut now sits at 97.4%.

No Advice Warning 

 

Disclaimer 

All statements made in this newsletter are made in good faith and we believe they are accurate and reliable. Stormrake does not give any warranty as to the accuracy, reliability or completeness of information that is contained here, except insofar as any liability under statute cannot be excluded. Stormrake, its directors, employees and their representatives do not accept any liability for any error or omission in this newsletter or for any resulting loss or damage suffered by the recipient or any other person. Unless otherwise specified, copyright of information provided in this newsletter is owned by Stormrake. You may not alter or modify this information in any way, including the removal of this copyright notice.

Copyright © 2024 Stormrake Pty Ltd, All rights reserved