XRP, DOGE surge 5%, bitcoin above $81,000 as CLARITY Act clears Senate banking panel
Major cryptocurrencies posted significant gains Thursday as the Senate Banking Committee approved the Digital Asset Market Structure and Investor Protection Act, commonly known as the CLARITY Act. XRP and Dogecoin each surged approximately 5%, while Bitcoin climbed above $81,000 for the first time since March. The broader crypto market added over $120 billion in value during the trading session.
The CLARITY Act represents a bipartisan effort to establish comprehensive regulatory framework for digital assets in the United States. The legislation aims to provide clear guidelines for cryptocurrency classification, exchange operations, and investor protections. The bill had been stalled in committee for several months amid concerns from both industry advocates and consumer protection groups, making Thursday's advancement a notable milestone for crypto regulation.
Market participants interpreted the committee's approval as a positive signal for the industry's regulatory outlook. Trading volumes increased substantially across major exchanges, with institutional investors showing renewed interest in crypto assets. The rally extended beyond major cryptocurrencies, with several altcoins posting double-digit gains as investor sentiment improved markedly.
The legislation now moves to a full Senate vote, though timing remains uncertain. Industry observers will closely monitor potential amendments and the bill's reception among Senate leadership. Meanwhile, House lawmakers are preparing companion legislation that could accelerate the regulatory framework's implementation.
Source: CoinDesk
