Coinbase Withdraws Senate Crypto Bill Support as Bitcoin Hits $96,750 High
A sharp legislative pivot in Washington coincided with a broader digital assets rally this week, after Coinbase pulled its backing from a proposed U.S. Senate crypto market structure bill. The major exchange’s sudden opposition over draft terms forced lawmakers to postpone a critical vote, momentarily halting efforts to establish a unified federal oversight framework for digital assets.
Despite regulatory turbulence in the United States, crypto markets surged, propelled by Bitcoin climbing 2 percent to reach a two-month high of $96,750. The flagship cryptocurrency’s upward trajectory sparked gains across major altcoins, with Ethereum rising 2 percent to $3,360, while Solana remained flat at $145 and XRP edged lower by 1 percent to $2.11. Market structure legislation in Washington has long been viewed by institutional investors as a key catalyst for long-term capital entry, making the Senate delay a pivotal moment for industry lobbying strategy.
Privacy-focused digital assets posted standout gains during the rally. Monero hit a fresh all-time high of $800 before moderating to $725, while Decred led broader market gainers with a 30 percent surge. Dash and Internet Computer both gained 10 percent, while Zcash rose 7 percent. The resurgence in privacy coins underscores ongoing demand for alternative protocol architecture, even as global regulators increase scrutiny surrounding unhosted wallets and transactional anonymity.
In a significant regulatory reprieve for privacy technology, the Zcash Foundation confirmed that an inquiry by the U.S. Securities and Exchange Commission has concluded without enforcement action. Meanwhile, European expansion efforts gained traction as Ripple secured a financial license in Luxembourg, clearing a path to broaden its institutional payment operations under the European Union’s evolving regulatory landscape for crypto-assets.
Cross-border financial initiatives also expanded internationally. Pakistan partnered with World Liberty Financial to test stablecoin integration for cross-border payments and overseas worker remittances—a crucial economic corridor where high transaction fees traditionally sap value from international transfers. On the institutional front, financial technology firm Figure launched a public equity network intended to facilitate the on-chain issuance and settlement of traditional stocks and related financial instruments. Concurrently, the Human Rights Foundation allocated nearly $1.3 million in Bitcoin grants to support global freedom tech initiatives and open-source developers.
Resolution efforts for historical industry collapses continued as the bankruptcy estate for exchange FTX finalized preparations for its next creditor payout, setting March 31 as the official distribution date. Elsewhere in infrastructure developments, Layer-1 blockchain Sui successfully resumed operation following a six-hour network outage, highlighting persistent technical challenges high-throughput networks face as they scale transaction capacity.
