The Clarity Act successfully passed the Senate Banking Committee on Thursday with a bipartisan 15-9 vote, pushing the landmark crypto legislation to the full Senate floor. Every Republican supported the bill, joined by two Democrats: Ruben Gallego of Arizona and Angela Alsobrooks of Maryland. The vote came after late-night negotiations over ethics provisions failed, but “we have an agreement on 99% of the bill,” said Senator Cynthia Lummis, warning that missing this legislative window would delay action until 2030.
Markets moved instantly: Bitcoin briefly hit $82,000, while shares of Circle surged 19.9% and Coinbase climbed 6.1%. Prediction markets now give the bill a 70% chance of passing, up 8% after the committee vote. The bill needs 60 Senate votes, meaning roughly six Democratic crossover votes, and reconciliation with a House version passed last July.
Meanwhile, global crypto exchange-traded products hemorrhaged $920 million this week, the largest outflow in months, driven by hotter‑than‑expected US inflation data. Bitcoin products alone accounted for $830 million of the redemptions as rising oil prices and a hawkish rate outlook spooked investors. While Bitcoin fell 1.4%, gold and equities held up better, signaling a rotation out of risk assets.
Ethereum, Solana, and XRP bucked the trend with net inflows of $77.1 million, $47.6 million, and $39.6 million respectively. In a bright spot for decentralized finance, Coinbase announced it will serve as the official treasury deployer for USDC on Hyperliquid under the new AQAv2 framework. The deal sent Hyperliquid’s HYPE token soaring 17% to $47, as Hyperliquid gains a new revenue stream and its perps competitor Coinbase integrates deeply into its ecosystem.
