Crypto markets rose on Thursday as the Senate Banking Committee advanced the Clarity Act in a major win for the industry. The bill cleared the committee in a 15-9 vote.
The Clarity Act is meant to create regulation for the cryptocurrency industry. It is a top legislative priority for the industry, since it would add predictable oversight and guardrails to the industry. It has been opposed by banks, unions and law enforcement agencies that say its various provisions would hurt consumers and endanger financial systems.
Bitcoin initially rose to $82,000 though it later fell to $81,000, still up by 2.5% over the past 24 hours. This has been seen as an indication that traders welcomed the signs of regulatory process.
