Crypto Market Rebounds as Global Adoption Accelerates, US Regulation Looms
New York, NY – The cryptocurrency market is experiencing a resurgence, driven by increasing adoption outside the United States, according to Tom Lee, chairman of Bitmine. Speaking on CNBC, Lee highlighted that regulatory clarity emerging from Europe, Japan, and Russia is fueling market momentum.
Lee expressed optimism that similar legislative action in the U.S. would significantly boost the market, transforming it into the “programmable software layer of money.” He elaborated, “Because crypto is turning money into software, a lot of things can turn into money.” This evolution, he suggested, could lead to assets like loyalty points and reputation functioning akin to currency, particularly with the advent of AI agents, a key application for cryptocurrency.
The sentiment was echoed by Samara Cohen, BlackRock’s Senior Managing Director and Global Head of Market Development. She described the CLARITY Act as an “important step toward establishing a regulatory framework for digital assets that puts investors first.” Cohen believes the bill will “help the United States shape the next era of market structure — supporting innovation while preserving the transparency, resilience and investor protections that keep the US the global leader in capital markets.”
The CLARITY Act, which garnered strong bipartisan support in the House in July 2025, advanced from the Senate Banking Committee on May 14, 2026. However, recent negotiations have focused on an ethics clause that would prohibit the president and members of Congress from issuing or sponsoring digital assets. A consolidated Senate text, incorporating these ethics provisions, was released on July 22.
Senate Majority Leader John Thune indicated on July 23 that a vote on the bill is unlikely before the summer recess, with ethics concerns remaining the primary obstacle. With no floor vote currently scheduled, the practical deadline for passage in 2026 is before the Senate’s August recess, around August 7. Failure to pass the bill before then would likely defer action to the post-midterm “lame-duck” session or into 2027.
“The procedural steps … make finishing before recess extremely difficult,” commented policy relations consultant Anne Kelley. She added, “I know many people are disappointed it won’t clear by early August. That does not mean CLARITY is done for the year.”
Despite the delays, Lee remained hopeful, noting, “It does sound like a lot of concessions were given, but those who oppose the bill still want to extract something else.” He also pointed to significant backing for the CLARITY Act from major financial institutions, including Goldman Sachs, BlackRock, Fidelity, Franklin Templeton, and Charles Schwab, urging Congress to “act and pass this bill.”
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