Treasury Department

Bitcoin briefly climbed to $70,000 on Wednesday, reaching that level for the first time in 11 weeks before easing back. The rally was supported by improving liquidity expectations, renewed focus on U.S. crypto legislation and a technical break watched by traders.

The Clarity Act has missed a key Senate window, raising doubts over whether a comprehensive U.S. crypto market structure law can pass this year. Even so, regulators and banking agencies are already advancing policies that could shape digital asset oversight without a new statute.

The Digital Asset Market Clarity Act is drawing fresh scrutiny from critics who warn about national security risks. Supporters argue the bill would bring digital asset firms deeper into compliance frameworks and give investigators stronger tools to disrupt illicit finance.

The White House says the administration is still evaluating how to structure a federal Strategic Bitcoin Reserve and a separate U.S. Digital Asset Stockpile. The effort remains dependent on unresolved agency decisions and potential congressional backing.

A group of senators is urging the Treasury Department to give states a clear process to demonstrate that their stablecoin oversight matches federal standards. The push centers on ensuring the GENIUS Act does not sideline state regulators.