Bitcoin Tops $80,000 as Crypto Market Regulation Bill Advances

Bitcoin climbed past $80,000 after the Senate Banking Committee advanced a landmark US digital asset market structure bill after months of negotiations.

The so-called Clarity Act would establish the Commodity Futures Trading Commission as the primary regulator for large parts of the crypto industry while the Securities and Exchange Commission would retain authority to oversee digital securities. The bill now heads to the Senate floor, where lawmakers will need to combine it with another version from the Agriculture Committee, which has jurisdiction over the CFTC. The bill advanced following a 15-to-9 vote.