U.S. Treasury Secretary Scott Bessent has publicly backed the Clarity Act, pushing the digital asset market structure bill into sharper focus as Washington weighs new crypto rules. The measure already passed the House in 2025 as H.R. 3633, and it is now expected to reach the Senate floor this spring. Senator Cynthia Lummis said bipartisan talks are still active, adding that lawmakers are working “every single day” to move digital asset market structure legislation forward.
Bill would shift key oversight of digital asset spot markets
Under the proposal, digital commodities on mature blockchains would be treated as non-securities, while the Commodity Futures Trading Commission would take authority over spot markets. The bill also includes investor protection measures such as asset segregation and stablecoin oversight, aimed at reducing confusion between regulators and setting clearer lines of responsibility.
Bessent criticized industry groups opposing the bill and said some participants would prefer no regulation at all. He described the proposal as “very good regulation.” Investor Mike Novogratz also argued that the legislation has meaningful political support, pointing to the financial weight of crypto-focused political action committees.
Bitcoin slide puts more attention on Washington
The legislative push is unfolding during a sharp market sell-off. Bitcoin fell as low as $60,074, its weakest level since October 2024. Ethereum dropped below $1,800, while altcoins including XRP, Solana, and BNB each lost more than 13%.
At the time cited in the source, Bitcoin was trading around $64,693, down 10% over the past 24 hours, with trading volume at $19.98 billion. The asset was also trading 48% below its all-time high of $126,198. The downturn has tracked weakness in broader risk markets as well: the Nasdaq hit its lowest level since November, while the S&P 500, the Dow Jones, and Asian markets also moved lower. Some analysts described the current phase as capitulation, with traders still locked in fear, uncertainty, and doubt.
Polymarket odds rise, but stablecoin yield dispute still blocks final push
Expectations for passage have spread beyond Capitol Hill. On Polymarket, approval odds climbed to nearly 72%, suggesting traders see a better chance of movement. Social media posts calling to “stop the bleeding” and pass the Clarity Act now reflect how strongly some investors are tying regulatory clarity to market sentiment.
That view is not universal. Critics argue that macro pressure, weak economic data, and continued selling could outweigh any regulatory optimism in the near term. The biggest unresolved issue remains stablecoin yields. The White House has set a February 28, 2026 deadline for banks and crypto firms to settle whether platforms should be allowed to pay interest on stablecoin holdings. Crypto companies say yield-bearing stablecoins could draw in capital and help adoption. Banks argue the same feature could pull deposits away from traditional accounts.
For now, the Senate path is in focus while the market stays volatile. The source also cited analyst levels of $55,500 as a strong support area for Bitcoin and $70,000 as a key resistance level.