Bitcoin climbed past $66,400 on July 21 to a five-week high after reports that President Trump had agreed to a long-stalled ethics provision in the Clarity Act, the U.S. crypto market structure bill. The token traded near $66,300, up about 3% over 24 hours, with ether and XRP each up around 4%.
The advance tracked an 11-point jump in prediction-market odds for the bill and a fifth straight day of U.S. spot Bitcoin ETF inflows. Two caveats sit under it. The reported ethics agreement is unconfirmed and no bill text has appeared, and traders said the day’s rally owed more to a rebound in chip stocks than to Washington.
Polymarket odds rebound from a record low
Odds that the Clarity Act becomes law in 2026 rose to about 43% on Polymarket on Monday, up from 32% on Friday. Friday’s reading had been the lowest since the market began trading in January. The rebound followed reports, circulated by crypto journalists, that Trump accepted the ethics provision that had blocked the bill for months.
The reporting carries limits. Democrats have not seen the bill text and none has been published, a source told CoinDesk, and the White House and the offices of the senators involved had not commented.
What the ethics provision would restrict
The disputed provision concerns how far presidents, vice presidents, members of Congress, and other federal officials can profit from digital assets while in office. The fight sharpened over Trump’s memecoins and his family’s stake in World Liberty Financial, which financial disclosures last month showed had earned him millions. It was discussed at a July 16 meeting between Trump, Republican Senators Bernie Moreno and Cynthia Lummis, and White House crypto adviser Patrick Witt.
The Clarity Act, formally H.R. 3633, passed the House in July 2025 and cleared the Senate Banking Committee 15-9 on May 14. It still needs 60 votes on the Senate floor. With Republicans holding 53 seats, at least seven Democrats would have to cross over. The bill would create the first comprehensive federal framework for digital assets and divide oversight between the SEC and the CFTC. Trump has publicly pressed senators to pass it before the recess.
ETF inflows and the chip-stock caveat
U.S. spot Bitcoin ETFs drew roughly $727 million over the past week and posted a fifth straight day of inflows, their first such streak since April. CoinDesk described it as the most sustained buying since June’s record outflows. The broader crypto market added about $63 billion in 24 hours, reaching roughly $2.32 trillion.
The bill was not the only driver, and possibly not the main one. Traders attributed Monday’s gains largely to a rebound in AI and semiconductor stocks, including memory makers Samsung and SK Hynix, with the reported ethics breakthrough adding to the risk-on mood rather than setting it. Crypto-linked equities also rose, with Coinbase and Circle each up about 9% in early trading.
The next test: bill text before the August recess
The near-term questions are whether the text appears and whether the reported agreement holds with Senate Democrats. The Senate has until early August, when it breaks for recess, to bring the bill to a floor vote.