Crypto markets pushed higher on Friday after the Senate Banking Committee advanced the Digital Asset Market Clarity Act in a 15–9 bipartisan vote, with XRP and dogecoin leading gains even as broader financial markets weakened.
Bitcoin rebounded above the $81,000 level following the late-Thursday vote, trading around $81,055 during Asian hours. The move marked a 2.3% daily gain and a 1.9% rise over the past week, recovering losses triggered earlier by inflation data.
Altcoins outperformed, with XRP rising 4.5% to $1.49 and extending its weekly advance to 7.6%, making it the strongest major token over the period. Dogecoin climbed 3% to $0.1159, bringing its seven-day gain to nearly 9%. BNB added 2% to $681, while Solana also rose 2% to $91.
The Clarity Act vote represents the most significant bipartisan progress on crypto regulation in months. Senate Banking Committee Chairman Tim Scott secured the outcome after reintroducing previously rejected amendments, winning over two Democratic senators following hours of debate.
Scott described the process as one of the most challenging of his tenure, while Senator Elizabeth Warren criticized the procedural shift, arguing the revised version did not reflect her preferred framework.
The legislation will now be combined with a separate version passed by the Senate Agriculture Committee before heading to a full Senate vote and eventually the House. Key sticking points remain, including law enforcement provisions and ethics-related measures that could shape broader political support.
XRP’s strong performance reflects its sensitivity to regulatory clarity, given its prolonged legal battle with the SEC. Clearer rules could help remove a long-standing overhang on the token’s valuation.
Renna Ba of Layer-2 network Morph said the bill’s distinction between payment stablecoins and investment assets provides a clearer legal foundation for global payments innovation.
Meanwhile, ZX Squared Capital’s CK Zheng said the regulatory progress reinforces the view that bitcoin likely bottomed earlier this year. He noted that the current drawdown of around 50% is significantly milder than the nearly 78% decline seen in the 2022 cycle, suggesting the asset is maturing.
Zheng also highlighted strong institutional demand, pointing to Strategy’s STRC preferred stock issuance, which has attracted $8.5 billion with an 11.5% yield.
Despite crypto’s resilience, macro conditions remained challenging. Comments from former President Donald Trump that the U.S. does not need to reopen the Strait of Hormuz pushed oil prices higher, raising concerns about inflation.
Global markets reacted negatively, with Asia-Pacific equities falling 1.1%, U.S. futures slipping 0.2%, and the 10-year Treasury yield rising to 4.52%.
In Japan, government bond yields jumped after producer prices posted their fastest annual increase since 2023. The U.S. dollar also strengthened for a fifth consecutive session as investors moved toward safer assets.
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