Cryptocurrency markets rose on Thursday after the Senate Banking Committee advanced its long-awaited digital asset market structure bill, known as the Clarity Act, a significant step toward widespread federal regulation of the industry.
The bill passed the committee on a 15-9 vote with support from two Democratic senators, allowing it to advance to the full Senate.
Bitcoin rose to $82,000 as traders welcomed signs of regulatory progress in Washington. The largest cryptocurrency has since fallen to $81,500, but is still up 2.5% in the past 24 hours.
Digital asset stocks also rose during the session. Cryptocurrency exchange Coinbase (COIN) led the rally, surging 8% as investors bet clearer rules would accelerate institutional participation in digital assets. Bitcoin treasury firm Strategy (MSTR) rose 7%, while Ethereum-focused treasury firm Bitmine (BMNR) rose 5.6%.
USDC stablecoin issuer Circle (CRCL) and CoinDesk owner Blish (BLSH) both capped early morning losses.
The broader risk-on mood extends beyond cryptocurrencies, with both the Nasdaq 100 and S&P 500 hitting record highs.
AI chip maker Cerebras (CBRS) soared 100% above its IPO price in its afternoon trading debut, boosting investor appetite for its efforts in artificial intelligence.
The names of data centers, many of which are former Bitcoin miners who have shifted their focus to AI infrastructure, also rose in rankings. Keel Infrastructure (KEEL), formerly known as Bitfarms, rose 9%, while IREN (IREN) and Hive Digital (HIVE) rose 5% and 8%, respectively.
