Crypto Stocks Rally on Clarity Act Progress

Crypto-linked equities experienced a significant surge on the news of the Clarity Act's progress. The proposed legislation aims to regulate stablecoin yields in the US, and its latest compromise has been met with both praise and criticism.

The proposal, led by Senators Angela Alsobrooks and Thom Tillis, would restrict certain types of stablecoin rewards that resemble interest payments. However, it would still allow for activity-based incentives. Banking trade groups have expressed concerns that the proposed language falls short of its intended goal, leaving potential loopholes.

Despite these criticisms, the news has had a positive impact on the market. Circle surged 19.89% to $119.53, while Coinbase rose 6.14% and BitGo gained 10.26%. Robinhood added 3.92% as well. Bitcoin also climbed above $80,000, increasing by 2.12%