CoinDesk
Zcash led all major cryptocurrencies with a 10% surge to just above $1,616 in Wednesday Asian morning hours, while Bitcoin held near $86,900, up 1% over 24 hours. XRP added 6% to just above $1.62 and HYPE gained 4% to nearly $97, with DOGE up 4% as well. TRX was the only large token to fall, slipping 1%.
Why it matters
Two pieces of Washington news sit behind the tone. The House Financial Services Committee approved the American Reserve Modernization Act on Sept. 17 by 28 votes to 21, sending it toward a full House vote. The bill would place the roughly 325,000 bitcoin the government already holds, most of it seized in forfeitures, into a Strategic Bitcoin Reserve at the Treasury, require a 20-year minimum hold, and mandate quarterly audited proof of custody. It also orders a study of deficit-neutral ways to buy more.
Separately, the SEC used an innovation exemption to clear a path for onchain trading of tokenized U.S. stocks within a day, filling the gap left by the stalled CLARITY Act. "The SEC stepped up support of digital assets where Congress hasn't," said Tony Dicarlo, director of institutional propositions at RootstockLabs, adding that the move drove sharp rallies in tokenization-linked assets and lifted broader confidence.
Market impact
Technically, Bitcoin is back above its 50 and 200 week moving averages, up roughly 29% in 35 days, per Dicarlo. Macro conditions added fuel: bonds rallied across the Asian session as Brent crude slid under $99 a barrel for a sixth straight loss, and the yen weakened after the Bank of Japan's 7-2 rate hike signaled a gradual tightening path, keeping the funding behind risk trades flowing. Watch next for a full House vote on the reserve bill, the furthest any such legislation has reached in Congress.
Frequently asked questions
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Why did Zcash lead the crypto majors with a 10% gain?
ZEC rose 10% to just above $1,616 during Wednesday Asian hours, the largest move among major tokens, as a House committee advanced a Strategic Bitcoin Reserve bill and the SEC cleared tokenized stock trading, lifting broad market confidence.
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What would the American Reserve Modernization Act actually do?
It would move the roughly 325,000 bitcoin the US government already holds into a Strategic Bitcoin Reserve at the Treasury, require a minimum 20-year hold, mandate quarterly audited proof of custody, and order a study of deficit-neutral ways to buy more.
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How far has the Strategic Bitcoin Reserve bill gotten in Congress?
The House Financial Services Committee approved it on Sept. 17 by 28 votes to 21, the furthest any such bill has reached in Congress. It still needs a full House vote and Senate approval before becoming law.
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What did the SEC approve for tokenized stocks?
The SEC used an innovation exemption to clear a path for onchain trading of tokenized U.S. stocks within a day, filling the regulatory gap left by the stalled CLARITY Act and lifting tokenization-linked tokens.
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How is Bitcoin's technical position shaping up?
Bitcoin held near $86,900, up 1% over 24 hours, back above both its 50 and 200 week moving averages and up roughly 29% over the past 35 days, according to RootstockLabs' Tony Dicarlo.
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