Bitcoin Rallies After Bessent Says Clarity Act at ‘1-Yard Line’ - Bloomberg.com

What the report says

Bloomberg reported that cryptocurrency prices strengthened Tuesday after Treasury Secretary Scott Bessent signaled that US lawmakers were close to advancing the Clarity Act, a long-awaited bill intended to establish clearer rules for digital assets. Speaking as Congress approached its recess, Bessent said legislators were at the “1-yard line” and urged them to complete work on the measure.

According to Bloomberg, Bitcoin gained as much as 2.5% during the session and moved toward $67,000. Ether also rose by up to 2.5%, trading near $1,950, while smaller tokens joined the rally. Shares of Coinbase Global Inc., a major US crypto exchange whose business is closely tied to the regulatory outlook, climbed as much as 13%.

The move followed a period Bloomberg described as subdued trading in crypto markets. Investors have been watching Washington for signs of a more predictable framework after years of disputes over which agencies should oversee various digital assets and how exchanges, token issuers and other market participants should be regulated.

The Clarity Act’s details and final prospects were not described in the supplied Bloomberg text, and passage was not reported as complete. The market reaction suggests traders viewed Bessent’s comments as a positive signal that regulatory uncertainty may ease, but the bill would still depend on congressional action before any new framework could take effect.