The cryptocurrency market rallied on reports suggesting that the final hurdle for the long-awaited US Clarity Act may have been cleared.
Eleanor Terrett, host of Crypto in America, posted on X that President Donald Trump had agreed to a crucial ethics provision for the crypto market structure bill. The specific language has been shared with a group of Senate Republicans, marking an important step forward for the legislation.
The ethics provision is a major stumbling block holding up the bill’s passage in the Senate. The legislation aims to provide a definitive regulatory framework, clearly distinguishing between digital products and securities to end years of enforcement-based oversight.
bitcoin rose above $66,000, gaining 3.5% in 24 hours to its highest level in just over a month. Other cryptocurrencies including ether (ETH), BNB and XRP (XRP) posted even bigger gains. Among industries, the standout is the CoinDesk DeFi Select Index, which rose 9%.
Other tailwinds came from Asia, where the selloff in semiconductor stocks that dragged cryptocurrencies lower last week reversed, fueling a broad risk rally.
