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The crypto market rallied on reports suggesting the final hurdle for the long-awaited U.S. Clarity Act may have 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 a significant step forward for the legislation.
The ethics provision is a major sticking point in holding back the bill’s passage through Senate. The legislation aims to provide a definitive regulatory framework, clearly distinguishing between digital commodities and securities to end years of enforcement-led oversight.
Bitcoin rallied above $66,000, gaining 3.5% in 24 hours to its highest in just over a month. Othe cryptocurrencies, including ether (ETH), BNB and XRP (XRP) posted even larger gains. Among industry, the standout is the CoinDesk DeFi Select Index, which surged 9%.
Additional tailwinds came from Asia, where the selloff in semiconductor stocks that dragged crypto lower last week reversed, fueling to a broad risk rally.