Bitcoin at $120K

A political signal? In the same week that the U.S. Congress prepares for “crypto week,” lawmakers are advancing a suite of bills that, taken together, mark the most significant regulatory turning point for digital assets since the inception of the industry.

Markets aren’t just reacting to Donald Trump’s pro-crypto rhetoric or the symbolic weight of bills like the “Anti-CBDC Surveillance State Act.” What’s driving price action is a broader realization: the U.S. is pivoting from skepticism to structured engagement.

For years, capital allocators sat on the sidelines due to fragmented oversight and regulatory ambiguity. Now, with the Genius Act (greenlighting stablecoin issuance) and the Clarity Act (dividing roles between the SEC and CFTC), we’re seeing the emergence of a coherent U.S. digital asset policy architecture. That policy shift alone changes the investment calculus, not only for bitcoin, but for the broader crypto infrastructure stack.

Some think it’s a repeat of the 2021 bull run. Then, price was driven by momentum, leverage, and retail exuberance. Today’s rally is anchored in institutional repositioning. Public companies are adding BTC to their balance sheets. Market makers are rotating into risk. Founders and capital are realigning with a jurisdiction that, for the first time, looks genuinely open for crypto business.

It also places Europe in sharp relief. While the EU has led with frameworks like MiCA, the U.S. is moving faster now in aligning political capital with market incentives. Whether this becomes a lasting regulatory lead or another short-term spike will depend on implementation and bipartisan continuity. But for now, the signal to global investors is clear: regulatory certainty has a price, and markets are willing to pay it.

More here: Financial Times