XRP, one of the leading alternative cryptocurrencies, is currently approaching a new record high after the U.S. House of Representatives unofficially cleared the CLARITY Act, a landmark legislative proposal that aims to establish a structured market framework for digital assets. The token has reached a new intraday high of $3.37, according to CoinGecko data.
Meanwhile, Bitcoin is close to reclaiming the $120,000 level during the high-stakes House vote.
Notably, the Democratic vote total on CLARITY is beating expectations within both parties. At press time, 71 Democrats have voted "yes," showing stronger-than-expected support for the key cryptocurrency legislative initiative.
"Most policywatchers expected a smaller Democratic vote on this than the 2024 approach to market structure reform," Brendan Pedersen of Punchbowl News noted in his social media post.
He has noted that House Financial Services Committee Chair French Hill (R-Ark.) is "visibly giddy" on the floor due to such unexpected success.
The CLARITY Act is now heading to the Senate, where it will face a thornier path. Meanwhile, the House is now preparing to vote on the GENIUS Act, which will regulate the stablecoin sector, later today.
