Congress Hands Crypto Industry Huge Win, Bitcoin Hits Another All-Time High, and DeFi Protocols Mount Rally

Takeaways

• US House passes major crypto legislation: After a delay on Wednesday, the House of Representatives on Thursday passed the stablecoin-focused GENIUS Act and the CLARITY Act, which provides a regulatory framework for the broader crypto industry. President Donald Trump is expected to sign the GENIUS Act into law on Friday, while the CLARITY Act will head to the Senate.
• Bitcoin’s market cap rose to roughly $2.4  trillion, overtaking Amazon, Google, and silver to rank fifth globally: The rally, driven by ETF inflows and hopes of pro-crypto US legislation, pushed bitcoin’s price to over $122,000 early in the week to mark a new all-time high.
• Standard Chartered’s UK arm launched spot trading in bitcoin and ether to institutional clients: The service integrates into existing FX platforms with custody options, marking the bank’s first global crypto trading rollout.
• DeFi protocols have rebounded from spring lows, driving TVL from $86 billion to over $126 billion: Ethereum and Solana have led the surge, while lending and staking platforms like Aave and Lido also experienced growth.
• Strategy acquired 4,225 BTC for $472.5 million, bringing its new total to 601,550 coins: The company had announced a pause on buying last week, but has resumed its aggressive accumulation.

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House Passes GENIUS Act and CLARITY Act in Huge Win for Crypto Industry

After a dramatic delay Wednesday, the House of Representatives handed the crypto industry a huge win Thursday by passing the stablecoin-focused GENIUS Act and the CLARITY Act, a broader bill that sets a regulatory framework for the digital asset industry. The GENIUS Act's sister bill has already passed the Senate so it will now head to President Trump to be signed into law on Friday.

The developments marked a staggering 180 after the CLARITY bill originally stalled late Wednesday, putting the long-anticipated "Crypto Week" into a state flux because lawmakers from the Freedom Caucus wanted an add-on provision banning a central bank digital currency added to the CLARITY Act. Lawmakers eventually compromised by passing a third bill banning a central bank digital currency. It will now also head to the Senate.

Meanwhille, the GENIUS Act provides the fast-growing stablecoin market, providing basic guidelines for issuers such as reserve requirements, audits, as well as consumer protection measures such as banning misleading marketing practices.

Bitcoin Surpasses Amazon to Become World’s Fifth‑Largest Asset at $2.4 Trillion Market Cap

Bitcoin’s market cap reached roughly $2.4 trillion, placing it ahead of Amazon, Google, and other major assets before the price dipped slightly back down to around $118,000 by mid-week.

Institutional adoption of US spot bitcoin ETFs has helped fuel the sustained inflows, which have exceeded $16 billion in recent weeks. At the same time, ample liquidity and expectations for Federal Reserve rate cuts have created a favorable backdrop.

Some analysts have projected that if ETF demand continues and policy clarity improves, bitcoin could rally to limits of around $150,000 before the end of the year. However, the strength of this macro‑driven rally may hinge on renewed retail participation alongside institutional capital. Alongside bitcoin, ether has also shown positive signals, moving above $3,400 as of Thursday afternoon.

Standard Chartered Launches Institutional Spot Trading for Crypto

Initially available during Asian and European trading hours, the offering may extend to 24/5 access as client demand grows.

The bank’s new crypto trading capability is embedded into its existing trading infrastructure, allowing clients to execute spot trades alongside traditional FX transactions. Settlements can be directed to a custodian of the client’s choice, including the bank’s in‑house custody service or third‑party providers including Zodia Custody, in which Standard Chartered holds an investment. Standard Chartered says it plans to broaden its digital asset offering beyond spot trading, with non‑deliverable forwards (NDFs) on bitcoin and ether, with other structured products under consideration. This move makes clear the bank’s commitment to integrating cryptocurrency

DeFi Activity Jumps 46% Since April to $126 Billion

Ethereum’s TVL expanded from $44 billion to $72 billion and Solana’s rose from $6 billion to $9 billion, driving renewed developer activity and institutional interest.

DeFi’s TVL now sits at around the $126 billion mark, with major protocols including Aave and Lido showing robust growth. Contributing factors may include sustained spot BTC ETF inflows and clearer stablecoin regulation under the GENIUS and CLARITY Acts.

The steady growth of the stablecoin sector may also have a hand in this growth since it provides essential liquidity to these protocols. The market caps of both USDT and USDC, the two largest stablecoins, have shown YoY growth of 41% and 85% growth, respectively.

Strategy Tops 600,000 BTC After $472.5 Million Purchase

This milestone reflects a total outlay of nearly $43  billion, with the bitcoin now valued at over $73 billion on the balance sheet.

The purchase was financed through at‑the‑market programs of its Class  A common stock (MSTR) and three series of perpetual preferred shares, Strike (STRK), Strife (STRF), and Stride (STRD), which together generated $472.5 million in proceeds. During the same period, Strategy sold approximately 797,000 MSTR shares and hundreds of thousands of preferred shares.

This resumption of the purchasing strategy follows a one‑week pause in buying coinciding with Q2 earnings, which reported $14 billion in unrealized digital‑asset gains. Strategy’s ongoing approach aims to raise $84 billion through 2027 to fund further acquisitions, doubling its initial capital‑raise target. With around 140 public companies now holding bitcoin treasuries, Strategy retains the largest corporate stake.

-Team Gemini