Senate Advances Crypto Clarity Act, Bitcoin Tops $82,000

Bitcoin surged above $82,000 on Thursday after the Senate Banking Committee advanced the Digital Asset Market Clarity Act, marking a key step toward comprehensive federal regulation of cryptocurrencies. The price later settled around $81,500, reflecting a 2.5 percent gain over the previous 24 hours.

The committee approved the 309-page legislation on May 14 in a 15-9 bipartisan vote, with two Democratic senators joining Republicans in support. The bill now heads to the full Senate, where it will require a 60-vote supermajority to pass before reconciliation with a House version approved last July.

The Clarity Act seeks to clarify regulatory jurisdiction by designating the Commodity Futures Trading Commission to oversee spot markets for digital assets classified as commodities, while the Securities and Exchange Commission retains authority over those deemed securities or investment contracts. It also includes provisions on token classifications, anti-money laundering standards, consumer protections, and restrictions on passive yields for stablecoins, allowing only activity-based rewards such as those tied to transactions.

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