The Information · White House · Donald Trump · Michael Saylor · S&P 500 · Bitcoin · CryptoSlate
Bitcoin rips as CLARITY Act clears major Senate Committee hurdle, pushes to the full Senate floor
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Proponents of the CLARITY Act are now targeting a July 4 desk signing by President Trump for the monumental legislation.
Key facts
- Bitcoin’s drop below $80,000 came as the S&P 500 registered record highs
- Bitcoin surged back above $81,000 after the Senate Banking Committee voted to advance the Digital Asset Market CLARITY Act, clearing a major hurdle for the most comprehensive crypto regulation bill
- Traders are watching whether Bitcoin can defend $78,000 after hotter US inflation data interrupted its recovery from April lows
- To meet the July 4 target, the bill must first undergo a floor reconciliation with the Senate Agriculture Committee's January text before heading to the full Senate floor, where it will require
Summary
Bitcoin surged back above $81,000 after the Senate Banking Committee voted to advance the Digital Asset Market CLARITY Act, clearing a major hurdle for the most comprehensive crypto regulation bill in US history. On May 14, the panel approved the legislation on bipartisan lines, sending the legislation to the full Senate floor. Patrick Witt, the executive director of the White House Presidential Advisory Committee on Digital Assets, said:. “The CLARITY Act is not only good policy, it is necessary policy for the United States to maintain their leadership position in global financial markets.