Crypto markets jumped on Thursday after the Senate Banking Committee advanced the Digital Asset Market Clarity Act, a long-awaited bill that promises comprehensive federal regulation of the digital asset industry. The committee voted 15-9 in favor, with two Democratic senators crossing party lines, paving the way for a full Senate vote.
Bitcoin briefly touched $82,000, its highest level in weeks, before settling around $81,500 — still up 2.5% over the past 24 hours. The rally was fueled by optimism that clearer rules could accelerate institutional adoption and reduce uncertainty for crypto businesses.
Crypto-linked equities also benefited. Coinbase surged 8% as investors bet the exchange would gain from a more predictable regulatory environment. Bitcoin treasury firm Strategy climbed 7%, while Ethereum-focused Bitmine advanced 5.6%. USDC issuer Circle and Bullish, the owner of CoinDesk, pared early losses. The broader risk-on sentiment pushed the Nasdaq 100 and S&P 500 to fresh records.
Coinbase CEO Brian Armstrong called the moment “closer than ever” in a tweet, thanking senators and over 3.7 million Stand With Crypto advocates. He emphasized that the bill would modernize the U.S. financial system, lower costs, and secure America’s leadership in blockchain innovation. The legislation also resolved a key sticking point: a compromise on stablecoin yield rules between the crypto and banking sectors.
The advancement marks a significant milestone in Washington’s intensifying push for crypto rules, as tokenization efforts, stablecoin laws, and blockchain payment mechanisms gain traction on Wall Street.
