The crypto market has rallied on reports suggesting that the final hurdle to the long-awaited US Clarity Act may have been cleared.
Eleanor Terrett, host of Crypto in America, wrote on X that President Donald Trump had accepted a crucial ethics provision for the crypto market structure bill. The specific language has been shared with a group of Senate Republicans, marking a significant step forward for the legislation.
The ethics provision is a major sticking point in holding back the bill’s passage through the Senate. The legislation aims to provide a final regulatory framework that clearly distinguishes between digital commodities and securities to end years of enforcement-led oversight.
Bitcoin surged above $66,000 and rose 3.5% in 24 hours to the highest in just over a month. Other cryptocurrencies including Ether (ETH), BNB and XRP (XRP) made even bigger gains. Among the industry, the standout is the CoinDesk DeFi Select Index, which rose 9%.
Additional tailwinds came from Asia, where the sell-off in semiconductor stocks that dragged crypto down last week reversed, leading to a broad-based risk rally.
