Recently, there has been a major move in the crypto market. Under the shadow of geopolitical tensions, the U.S. stock market generally remains under pressure, but crypto concept stocks are defying the trend and soaring. The driving force behind this is the long-delayed "Digital Asset Market Clarity Act" finally making progress.

Monday's rally was indeed fierce. USDC issuer Circle surged nearly 20% in a single day, closing at $119.53, which is already a pace of over 30% increase in nearly a month, with a total gain of more than 50% since the beginning of the year. A major exchange also followed suit, rising over 6%. Other infrastructure projects also performed well, with digital asset custodian BitGo up in double digits, online broker Robinhood seeing a small increase, and crypto reserve company SOL Strategies delivering nearly 18%.

The trigger for this rally was in Washington. Maryland Democratic Senator Angela Alsobrooks and North Carolina Republican Senator Thom Tillis reached a bipartisan consensus last Friday, finalizing a compromise on the most controversial stablecoin yield provisions in the "Clarity Act." The new version explicitly prohibits digital asset service providers from paying interest solely because U.S. customers hold stablecoins, while also closing any reward mechanisms that are economically equivalent to bank deposit interest. But there is a key point— the bill retains room for rewards based on real activities (payments, transfers, staking, governance, etc.), meaning platforms still have space to design legitimate incentive mechanisms.

Interestingly, the traditional banking industry does not buy into this. The American Bankers Association immediately stated that even if direct interest payments are banned, platforms offering rewards under schemes like loyalty programs could still attract funds from traditional bank accounts to crypto platforms, causing so-called "deposit outflows." In response, Tillis said on Monday that the latest version is a significantly improved and consensus-driven result, explicitly banning stablecoin rewards that mimic bank deposit interest, directly addressing the core concerns of the banking industry.

Bitcoin also feels the optimistic atmosphere. Recently, driven by favorable policy developments, market buying continues to flow in, and the increased policy certainty significantly boosts confidence in the entire crypto market. If you're interested, you can check the relevant asset performance on Gate.