Cryptocurrency markets rallied Thursday after the Senate Banking Committee voted 15–9 to advance the CLARITY Act, a long-anticipated industry bill. Bitcoin jumped 2.7% to $81,899, while XRP surged over 6% above $1.50, a level unseen since March.
The committee's approval marks a major procedural win, but the bill is far from law. It must now secure roughly 60 votes in a full Senate vote, a high bar in a divided chamber. Several Democrats voiced reservations about the legislation during the hearing, signaling potential opposition ahead.
The market reaction was immediate and concentrated among major assets. XRP led gains among the top ten cryptocurrencies, while Bitcoin also climbed. The surge reflected investor optimism that regulatory clarity might finally be on the horizon after years of uncertainty.
If the CLARITY Act clears the Senate, it moves to House–Senate negotiations to reconcile differing versions. A final presidential signature could further boost crypto prices. However, the timeline remains uncertain, and each step introduces new political risks.
The bill's path remains fraught. Even if it passes the Senate, House dynamics and possible amendments could stall progress. Critics argue the legislation may not provide the comprehensive framework the industry seeks.