Crypto Markets Soar as US Legislation Advances

Crypto markets are experiencing an uptick in value, with Bitcoin holding near $86,900 and Zcash leading gains among major tokens at a 10% increase to over $1,616.

The US House Financial Services Committee approved the American Reserve Modernization Act on September 17, which would create a Strategic Bitcoin Reserve at the Treasury. The bill still needs a full House and Senate vote but has made it further than any similar legislation in Congress before.

Analysts attribute the current market tone to this development as well as the US Securities and Exchange Commission's (SEC) recent exemption allowing on-chain trading of tokenized U.S. stocks, which has driven confidence and rallied tokenization-related assets.