XRP, one of the leading alternative cryptocurrencies, is currently approaching a new record high after the U.S. House of Representatives unofficially cleared the CLARITY Act, a landmark legislative proposal that aims to establish a structured market framework for digital assets.
The Ripple-linked token has reached a new intraday high of $3.37, according to CoinGecko data. It is now up by 35% over the past week alone.
Meanwhile, Bitcoin is close to reclaiming the $120,000 level during the high-stakes House vote.
Notably, the Democratic vote total on CLARITY is beating expectations within both parties. At press time, 71 Democrats have voted "yes," showing stronger-than-expected support for the key cryptocurrency legislative initiative.
"Most policywatchers expected a smaller Democratic vote on this than the 2024 approach to market structure reform," Brendan Pedersen of Punchbowl News noted in his social media post.
He has noted that House Financial Services Committee Chair French Hill (R-Ark.) is "visibly giddy" on the floor due to such unexpected success.
The robust bipartisan support is a major win for the cryptocurrency lobby, which has been on a roll over the past few months.
The CLARITY Act is now heading to the Senate, where it will face a thornier path, with Massachusetts Senator Elizabeth Warren recently voicing strong opposition to the legislative initiative.
Meanwhile, the House is now preparing to vote on the GENIUS Act, which will regulate the stablecoin sector. The latter is widely expected to secure enough votes to be officially signed into law in the near future.
Vladislav Sopov
U.Today Editorial Team