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