Bitcoin (BTC-USD) rallied to a two-week high on Friday, along with other cryptocurrencies.

The surge came despite a Fed rate hike earlier in the week and the failure of the Clarity Act, legislation that would have created a federal framework for the broader digital asset industry.

When the measure failed to advance in the Senate, the Securities and Exchange Commission stepped in on Thursday with a conditional exemption to allow the trading of certain tokenized stocks on blockchains for the next five years.

Bitcoin and other cryptocurrencies moved with resilience even as the Federal Reserve hiked interest rates, with investors anticipating at least one more increase this year.

“Crypto…