Bitcoin Rallies 2% to $66,800 as Treasury Secretary Pushes CLARITY Act Before August Recess

According to Treasury Secretary Scott Bessent, Bitcoin rose about 2% on Tuesday (July 22) to trade above $66,800, as lawmakers pressed toward passage of the CLARITY Act before Congress's August recess. Coinbase shares closed up 9.6% at $175.85. Bessent said Congress was at the "1-yard line" on the Digital Asset Market Clarity Act, which would split oversight of cryptocurrencies between the Securities and Exchange Commission and the Commodity Futures Trading Commission, designating Bitcoin and Ether as commodities.

The House passed the bill 294-134 in July 2025, but the Senate has not scheduled a floor vote. Passage in the 100-seat chamber requires 60 votes, where Republicans hold approximately 53 seats. Senators remain deadlocked over ethics provisions, anti-money-laundering requirements, and jurisdictional boundaries between the two regulators.