Bessent's Comments Spark Crypto Rally as CLARITY Act Reaches Crucial Stage
U.S. Treasury Secretary Scott Bessent's comments have given crypto-linked stocks and Bitcoin a boost, as he stated that the Digital Asset Market Clarity Act (CLARITY) is on the 'one-yard line' for passage in the Senate.
The announcement lifted sentiment across the sector, with Circle's stock jumping over 6% in morning trade and Coinbase's (COIN) shares rocketing more than 11%, its largest single-day gain since March.
Bitcoin also saw a significant increase, climbing above $66,000 for the first time since mid-June, while XRP outperformed the broader crypto market with a 4% price jump to around $1.15.
Ripple CEO Brad Garlinghouse sees the CLARITY Act as the regulatory fix that could move XRP from 'court-defined clarity' to 'law-defined clarity', opening the door for more institutional adoption.