Bitcoin Surges Past $78,000 as Senate Clears Clarity Act

The U.S. Senate's passage of the Clarity Act has sent a positive signal to the digital asset market. The bill aims to provide clarity on regulatory oversight by dividing jurisdiction between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). This move is seen as a step forward for the crypto industry, which has long sought greater regulatory certainty.

The Act's clearance follows bipartisan support in the House and extensive negotiations with industry leaders. As a result, Bitcoin's price has reacted positively, surpassing $78,000. The S&P 500 also reached a new record.