The crypto market added roughly $63 billion in the past 24 hours. Total market value climbed 2.8% to $2.32 trillion, according to CoinGecko data.
The increase in value follows a report that the White House has settled an ethics dispute that had stalled the Digital Asset Market Clarity (CLARITY) Act for several months.
The CLARITY Act aims to clarify which cryptocurrencies fall under the jurisdiction of the Securities and Exchange Commission (SEC) and which are regulated by the Commodity Futures Trading Commission (CFTC). Currently, there is no written rule determining this, leading to various lawsuits by regulators.
One clause that previously delayed progress prohibited senior officials, including the president, from profiting from cryptocurrencies while in office. This provision became a condition for Democratic support during earlier market structure negotiations.
Reports indicate that the impasse was resolved shortly after a meeting on July 17 between President Donald Trump and Senators Cynthia Lummis and Bernie Moreno, along with acting Attorney General Todd Blanche.
“I’m hearing from multiple industry sources that the White House has agreed on an ethics package for the Clarity Act and sent the language to certain Senate Republicans this afternoon… industry participants are hopeful this could clear the way for updated bill text to be released soon,” Eleanor Terrett reported.
The White House appears to be prioritizing the legislation. Crypto adviser Patrick Witt has even postponed his Georgia Army National Guard training to facilitate the bill’s passage before the August 7 recess.
The bill requires 60 votes to pass, while Republicans currently hold 53 seats in the Senate. At least seven Democrats will need to support the bill, with Senators Catherine Cortez Masto and Mark Warner being closely watched as they have linked their backing to illicit finance safeguards.
