Photo by Behnam Norouzi on Unsplash
Today brought some disappointing news for the crypto community: the House voted not to move forward with the vote on three major crypto bills. But before you panic, let me break down what really happened, why it’s not the end of the road, and what this means for Bitcoin and the broader crypto market.
What Happened with the Crypto Bills?
The House had a crucial vote scheduled to push forward three crypto-related bills—the Clarity Bill, the Genius Bill, and the anti-CBDC Bill. However, the motion to even start voting on these bills was shot down. The vote tally was roughly 198 in favor and 220 against, which stopped the process in its tracks for now.
This might sound like a total defeat, but it’s important to understand this was just a “vote to vote.” In other words, the House was voting on whether to move forward with the actual voting. This kind of procedure isn’t unusual—remember how the Genius Bill itself had to clear multiple hurdles before finally passing in the Senate? It’s a bit of a weird system where you sometimes have to vote just to get the chance to vote.
Why Was the Vote Shot Down?
The reasons behind the “no” votes are a bit murky. Some lawmakers wanted to attach amendments, like releasing the Espionage files, which has been a hot topic. Others, including some Republicans, expressed fears that the Genius Bill—which aims to regulate stablecoins—might inadvertently pave the way for a Central Bank Digital Currency (CBDC). This is a misunderstanding, as the Genius Bill’s purpose is to protect stablecoins and foster freedom of choice, not to create a CBDC.
So while this setback might feel frustrating, it’s really just part of the legislative dance. Both parties will likely negotiate, add, or remove amendments, and we can expect another vote soon—possibly even later this week.
What Does This Mean for Bitcoin and the Crypto Market?
With the headline news about the crypto bills being shot down, you might expect Bitcoin to take a major hit. But that’s not quite what happened.
Bitcoin did dip briefly, dropping to $116,000 at one point this morning, but it quickly rebounded to $118,000 and could easily climb back to $120,000 tomorrow. This kind of volatility is normal, especially considering we were just $10,000 lower last week. The market is always moving, and a few thousand dollars up or down shouldn’t cause panic.
The real driver behind these price moves is market makers clearing out long positions. They tend to push prices toward liquidation points—either top or bottom—like magnets. So, bad news doesn’t necessarily mean Bitcoin will crash. This vote setback is just a tiny bump in the road.
Big Players Are Still Loading Up on Bitcoin
Here’s a fascinating trend you shouldn’t ignore: MicroStrategy’s CEO, Michael Saylor, now holds 3% of all Bitcoin that will ever exist, thanks to his dollar-cost averaging (DCA) strategy. He’s aiming to increase that stake to 6%, 7%, or even 10%. And guess who’s quietly buying up MicroStrategy shares? Vanguard.
Vanguard, the giant asset manager, recently doubled its holdings in MicroStrategy to about 8%, effectively gobbling up MicroStrategy, which itself is gobbling up Bitcoin. While Vanguard publicly stays cautious about Bitcoin ETFs, they’re aggressively acquiring shares in companies deeply invested in Bitcoin.
Similarly, BlackRock holds over $700,000 in Bitcoin and is among the top shareholders of MicroStrategy and other crypto-related companies. Larry Fink, BlackRock’s CEO, is openly bullish on Bitcoin.
What does this mean? Institutional money is flowing into Bitcoin, not just through direct purchases but also through strategic investments in companies with Bitcoin exposure. This wave of institutional accumulation is very real and happening right now.
Altcoins Are Heating Up, But Bitcoin Remains King
While Bitcoin is the “big daddy” of crypto, we’re also seeing some impressive moves in altcoins. Two cryptos mentioned recently—Sooie and another altcoin—are on fire. Sooie is trading above $4 and seems poised to challenge its previous highs around $5.
Ethereum is also showing strength, climbing back toward $3,100. The drop in Bitcoin dominance since the start of this month has many speculating that altcoin season might be kicking off. However, history tells us that Bitcoin dominance can swing back quickly, so it’s too soon to declare a full altcoin season.
Remember, Bitcoin remains the most reliable and recognized crypto asset, and it’s the one asset I will hold and DCA into forever. Altcoins can offer exciting opportunities, but Bitcoin is the foundation.
Don’t Panic—There’s More to Come
If you’re feeling discouraged by today’s vote, don’t be. This was just the very first vote to get the official voting process started. There will be many more votes and plenty of chances for these bills to move forward.
Donald Trump has been urging Republicans on Truth Social to vote “yes” to get things moving, and that pressure will likely push progress soon. So, stay tuned and keep your eyes open for updates.
Final Thoughts
The crypto regulatory landscape is complex and slow-moving, but setbacks like today’s vote are part of the process, not the end of the road. Bitcoin’s price and institutional interest remain strong, and the broader crypto market continues to evolve with promising momentum both in Bitcoin and altcoins.
Keep your focus on the long game, understand the fundamentals, and don’t get caught up in short-term noise. Bitcoin remains the cornerstone of crypto investment, and the accumulation by major players signals a bright future ahead.
Stay informed, stay calm, and keep stacking those sats.
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