Crypto markets rose on Thursday as the Senate Banking Committee advanced the Clarity Act in a major win for the industry. The bill cleared the committee in a 15-9 vote.
The Clarity Act is meant to create regulation for the cryptocurrency industry. It is a top legislative priority for the industry, since it would add predictable oversight and guardrails to the industry. It has been opposed by banks, unions and law enforcement agencies that say its various provisions would hurt consumers and endanger financial systems.
Bitcoin initially rose to $82,000 though it later fell to $81,000, still up by 2.5% over the past 24 hours. This has been seen as an indication that traders welcomed the signs of regulatory process.
READ: Senate advances landmark Crypto Bill in major win for digital assets (May 14, 2026)
Digital asset-linked equities also rose during the session. Crypto exchange Coinbase led gains, rising by 8%. Bitcoin treasury firm Strategy climbed 7% while Ethereum-focused treasury company Bitmine advanced 5.6%.
Akshat Siddhant, lead quant analyst at Mudrex, said Bitcoin briefly crossed $82,000 before stabilizing near $81,500 and the regulatory progress could attract fresh institutional capital, especially after the $863 million in outflows from Bitcoin ETFs.
He added that the risk-on mood is further supported by the record highs in the U.S. equity markets and investors are now looking at sustained inflows into the crypto market, which could push Bitcoin towards the $85,000 mark.
In the past week, Bitcoin was up 1% and Ethereum was down 0.8%. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Hyperliquid, Cardano rallied up to 7%.
READ: What is the Clarity Act? Senate panel advances new crypto regulation bill (May 12, 2026)
Cryptocurrency companies that champion the Clarity Act include Coinbase, Circle, and Ripple. Venture capital firm Andreessen Horowitz is another key supporter. The White House has also pushed for this bill, often actively participating in negotiations between crypto groups and banks. Trump and his family have made billions of dollars from meme coins and cryptocurrency venture World Liberty Financial.
These backers of this legislation believe clear, better crypto rules would help keep innovation and investment in the United States. Some Democratic lawmakers and banking groups, meanwhile, continue to raise concerns about anti-money laundering protections, consumer safeguards and the political influence of the digital asset industry.
If the bill is able to clear the full Senate, it would also need to be passed by the House, which approved a different version of the bill last fall.