Crypto market rises as Monero hits record and Senate bill advances

Crypto prices moved higher across major tokens, giving retail investors another read on risk appetite in digital assets. Bitcoin traded at $92,000, up 1.5%, while Ether rose 1% to $3,130, Solana gained 2% to $142 and XRP added 1% to $2.06, according to market data.

The bigger moves came outside the largest coins. Dash climbed 60%, IP rose 30% and Monero gained 13%. Monero, a privacy-focused cryptocurrency, reached a fresh all-time high, often shortened to ATH, at $680 before trading around $640.

Gold and silver also reached new records after the Powell investigation, according to the market update. That matters for crypto watchers because hard assets and digital assets often get compared during periods when investors are focused on inflation, central bank policy or confidence in government institutions. The update did not provide further details on the investigation.

Washington pushes forward on crypto rules

The U.S. Senate released a draft of the Crypto Market Clarity Act, a bill aimed at setting clearer rules for crypto markets. The draft includes limits on rewards tied to stablecoins, according to the Senate release.

A stablecoin is a crypto token designed to track the value of another asset, usually the U.S. dollar. Rewards on stablecoins can look similar to interest for users, but they also raise policy questions because the tokens sit near the line between payments, banking products and crypto trading.

Senator Elizabeth Warren pressed the Securities and Exchange Commission over the inclusion of crypto in 401(k) retirement plans, arguing that the assets could expose retirees to too much risk. A 401(k) is a workplace retirement account, so the debate is not only about crypto traders. It also touches workers who may get access to digital assets inside long-term savings plans.

Ethereum co-founder Vitalik Buterin also weighed in on stablecoins. Buterin warned that crypto needs stronger decentralized stablecoins, citing risks from governance capture and inflation. Governance capture means a small group gains too much influence over decisions that are supposed to be spread across a wider community.

Stablecoin lending and custody stay in focus

World Liberty Financial launched a crypto lending platform centered on its USD1 stablecoin, attracting about $20 million, according to the company update. Crypto lending platforms let users borrow or lend digital assets, often using tokens as collateral.

BitGo filed for a U.S. initial public offering and is targeting a valuation of about $2 billion, according to its filing. An initial public offering, or IPO, is when a private company sells shares to public investors for the first time. BitGo’s custody assets have surpassed $100 billion, the filing showed. Custody means holding assets on behalf of clients, a core service for institutions that want crypto exposure without holding private keys themselves.

State-level pressure also increased. Tennessee regulators ordered Polymarket, Kalshi and Crypto.com to stop offering sports prediction markets and refund users, escalating a legal fight across multiple states. Prediction markets let users trade contracts tied to the outcome of future events, and sports contracts have drawn attention from gambling and financial regulators.

This story draws on original reporting from Decrypt.