Bitcoin Surges Past $80,000 as Crypto Industry Urges Congressional Action on CLARITY Act
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Crypto Bitcoin busted through $80,000 for the first time since January. Here’s the crucial level it needs to hold right now.
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FortuneBitcoin crossed $80,000 on Monday morning. The cryptocurrency has now surged 19% over the past month, outperforming the S&P 500’s roughly 10% return over the same time frame.
CNBCBitcoin was little changed at about $79,000, after the flagship cryptocurrency topped $80,000 over the weekend for the first time since January.
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Crypto companies such as Coinbase are calling for Congress to advance a major market structure bill known as the CLARITY Act as soon as next week after senators released compromise language meant to end a battle between banks and crypto over when rewards can be offered on stablecoins.
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FortuneThe CLARITY Act’s recent troubles began when Coinbase pulled its support of the bill in mid-January, partly due to a draft amendment that would have prevented crypto firms from offering yield on user stablecoin balances. The GENIUS Act, a similar bill specifically for stablecoins that was signed into law in 2025, prevents stablecoin issuers from paying yield directly, but third-party platforms like Coinbase can pay rewards on user stablecoin balances, something banks have decried as a “loophole.”
ZeroHedge“It’s time to get CLARITY done,” Shirzad said in an X post on Friday, after US Senator Thom Tillis and US Senator Angela Alsobrooks published the final text aimed at settling the stablecoin yield dispute between the banking and crypto industries, which has centered on whether such yields would harm the banking system’s competitiveness.
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US Senator Bernie Moreno recently said that he anticipates the CLARITY Act to “get done” by the end of May. On April 11, US Senator Cynthia Lummis said, “It’s now or never.”
4 details only one outlet reported
Independent claims that didn't surface elsewhere in our corpus. Treat as supplementary — not corroborated across outlets.
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01 CNBC Aggressive options trading in the semiconductor stocks is creating a volatility spread that's being used by traders to stay bullish in the sector that's rallying the most, while simultaneously hedging risks in the broader market.
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02 MarketWatch Need to Know Bitcoin’s rare technical action points to a crypto bull market, says Fundstrat’s Tom Lee
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03 ZeroHedge “It is imperative that Congress get this right,” the American Bankers Association said in a joint statement with the Bank Policy Institute, Consumer Bankers Association, Financial Services Forum and Independent Community Bankers of America.
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04 Fortune “We’re in the red zone,” Senate Banking Committee chairman Tim Scott (R-S.C.) said of CLARITY in a recent Fox Business interview. The South Carolina Republican said he is hoping to hold a markup of the bill in May and bring CLARITY to the Senate floor in June or July.
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Sources (4)
- fortune
- marketwatch
- zerohedge
- cnbc