Some market participants expressed cautious optimism after news emerged that the White House reached an agreement on the ethics provision stalling the Digital Asset Market Clarity Act in the Senate. "This could clear the way for a vote before the August recess," noted a trader familiar with the developments. The agreement reportedly removes the main hurdle created by demands to restrict senior officials from holding or profiting from digital assets they regulate.
Bitcoin surged back above $66,000 following the announcement. As of the latest data, Bitcoin traded near $66,700, marking roughly a 2% increase over 24 hours with about $31 billion in daily volume. Other cryptocurrencies also rose: Ether hovered around $1,930, gaining about 1.8%, XRP climbed close to 4% to $1.15, and Solana edged up just under 1% near $78. These moves came after weeks of deadlock, during which the bill’s chance of passage dropped significantly below 50% in prediction markets.
The stalled legislation had been held back by an ethics provision aimed at preventing conflicts of interest among government officials regulating digital assets. Democratic senators made this a condition for supporting the bill, which requires 60 votes to advance on the Senate floor. The deadlock intensified after disclosures revealed that former President Trump’s 2025 financial statement included roughly $1.4 billion in crypto-related income, which opponents argued highlighted the necessity of clear conflict-of-interest rules.
The agreement reportedly sent to Senate Republicans has yet to be made public, and no formal commitments from key Democratic senators have surfaced. Observers warn the situation remains fluid until the revised text is released and votes are secured. The legislation still faces a tight legislative calendar before Congress’ August recess.
This article is for informational purposes only and does not constitute financial advice.
