Bitcoin Steadies Near $64,000 as Fed, Senate Crypto Bills Reshape Markets

Bitcoin clawed back toward $64,000 over the weekend after a bruising week of selling pressure driven by hawkish Federal Reserve signals and renewed geopolitical tension tied to U.S.-Iran ceasefire talks. Crypto markets firmed after Friday's broad selloff, though Iran's renewed threat to close the Strait of Hormuz kept risk appetite subdued and traders cautious heading into the new week. About 20% of Bitcoin miners are now unprofitable, and publicly traded miners sold more than 32,000 BTC in the first quarter alone to cover operating costs, more than they offloaded in all of 2025.

The Federal Reserve added another layer of uncertainty to the digital asset space by proposing a new rule that would require payment stablecoin issuers to maintain strict reserves. The proposal arrives as regulators finalize implementing rules under the GENIUS Act, with a federal deadline set for July 18, 2026. Industry observers say the Fed's move signals that Washington intends to keep a firm grip on dollar-pegged tokens even as Congress pushes forward with broader crypto-friendly legislation.

CLARITY Act Reaches Senate Floor Calendar

On the legislative front, the CLARITY Act was placed on the Senate Legislative Calendar on June 1, 2026, making it formally eligible for full Senate floor consideration after the Senate Banking Committee advanced the bill 15-9 in May. The measure would grant the CFTC exclusive jurisdiction over digital commodity spot markets while preserving SEC authority over investment contract assets, ending years of regulatory overlap between the two agencies. Two Democratic committee members joined all 13 Republicans in the May vote, though both indicated their support was not guaranteed on the Senate floor without further progress on an ethics provision addressing government officials' ties to the crypto industry.

To become law, the bill must still be reconciled with the Senate Agriculture Committee's version, clear a 60-vote Senate floor threshold, be reconciled with the House-passed version, and receive a presidential signature. Industry groups and exchanges have widely backed the measure, arguing that defined regulatory lanes for Bitcoin, Ethereum, and other digital assets would unlock significant institutional capital that has sat on the sidelines. With November midterm elections looming, analysts put the odds of passage before year-end at roughly 50-60%, making the next few months a critical window for the crypto industry's longest-running legislative priority.