Bitcoin extended its rally for a second consecutive day, posting a cumulative 16.66% gain and bringing its market capitalization back to $1.5 trillion, according to HTX market data cited by BlockBeats on Aug. 21. The broader crypto market also continued to recover.
Two U.S. policy developments helped lift the market
BlockBeats said the rebound kept building after U.S. President Donald Trump made a concentrated set of crypto-friendly remarks on Wednesday. On Thursday, the Commodity Futures Trading Commission’s Innovation Advisory Committee held its first meeting, with major figures and executives from the crypto sector taking part and speaking at the event. The report said that meeting continued to push the market higher.
CFTC says market structure rules can proceed even without the bill
At the same time, CFTC Chair Michael Selig said the crypto industry would still receive market structure regulation even if the U.S. Congress does not pass the Clarity Act.
Selig said the CFTC could establish a market regulatory framework either by writing rules or by pushing legislation forward. He also said the agency is currently evaluating multiple crypto regulatory rules while continuing to monitor the progress of the Clarity Act.
According to the report, the bill is currently stalled in the U.S. Senate and is expected to face a procedural vote in mid-September. Whether it can secure enough votes before the U.S. midterm elections remains uncertain. Selig said legislation is 「the most reliable way」, but added that the CFTC already has broad authority under existing law. If Congress ultimately fails to pass the relevant bill, the agency will use its current powers to write regulatory rules.