Bitcoin rose 2% on CLARITY progress while Coinbase, Circle jumped over 8% – but why?

Bloomberg ETF analyst James Seyffart argued that the CLARITY Act should carry virtually no direct effect on Bitcoin's price.In his view, Bitcoin already holds the infrastructure the bill is trying to build for the rest of the industry: commodity treatment, regulated futures, spot ETF access, and institutional custody.That claim sits inside a wider debate over what CLARITY changes for crypto and what it leaves alone.Senate Republicans released updated CLARITY text on July 22, covering stablecoin rewards, SEC fundraising exemptions, DeFi classification, anti-money-laundering rules, and the division of regulatory authority. The bill still needs at least eight Democratic votes to clear the Senate before the August recess.Senate Banking's Democratic minority has already pushed back: Elizabeth Warren's office called the ethics provisions insufficient, questioning enforcement by the Justice Department and limits on state attorneys general.The SEC approved spot Bitcoin ETPs in January 2024, the CFTC treats Bitcoin as a commodity under the Commodity Exchange Act, and regulated futures and institutional custody have operated for years.Seyffart's argument follows from that infrastructure: Eth...