Crypto majors bid higher Friday after the Digital Asset Market Clarity Act cleared the Senate Banking Committee in a 15-9 bipartisan vote, with XRP and dogecoin leading the cohort even as broader risk assets sold off on Trump's comments that the US does not need to reopen the Strait of Hormuz.
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Bitcoin climbed back above $81,000 and major cryptocurrencies advanced despite broader macroeconomic selling pressure.
The U.S. Senate Banking Committee approved the bipartisan Clarity Act, a key step toward comprehensive crypto market structure legislation that now heads toward a merger with a similar Agriculture Committee bill.
XRP led gains among major tokens as investors bet that clearer U.S. rules, including the Clarity Act’s separation of payment stablecoins from investment assets, will ease regulatory overhangs on its use case.
The Clarity Act vote was the first major bipartisan move on crypto market structure legislation in months. Senate Banking Committee Chairman Tim Scott managed a last-moment maneuver to admit amendments he had earlier rejected, winning over two Democratic votes and securing the 15-9 margin after several hours of partisan sniping.
The bill now moves to a merger with a similar version approved earlier by the Senate Agriculture Committee in a party-line vote. The merged legislation will then face a full Senate vote, followed by the U.S. House of Representatives. Several substantive issues remain unresolved, including law enforcement concerns and an ethics provision that several Democrats have flagged as a condition for their broader support.XRP's outperformance reflects the regulatory tailwind landing directly on its addressable case.
The token has been the most directly affected by U.S. legal uncertainty since the SEC's case against Ripple Labs, and clearer market structure legislation removes one of the structural overhangs that has weighed on the price.
President Trump said the U.S. does not need to reopen the Strait of Hormuz, sending Brent crude higher and deepening concerns about elevated energy costs feeding into inflation. MSCI's Asia Pacific equity index fell 1.1%, U.S. equity futures slipped 0.2%, and the Treasury 10-year yield climbed four basis points to 4.52%.
Japan's 10-year yield jumped as much as seven basis points after domestic producer prices rose at the fastest annual pace since 2023. The dollar gained for a fifth straight day on haven demand
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