Zcash Jumps 10 Percent as Washington Advances Bitcoin Reserve Bill
Zcash leads major gains at $1,616 while Bitcoin holds near $86,900, driven by progress on a strategic reserve bill and SEC action.
Key points
- Zcash gained 10 percent to $1,616, outperforming Bitcoin which held near $86,900.
- The House committee approved a bill to create a Strategic Bitcoin Reserve for government-held coins.
- The SEC cleared onchain trading of tokenized stocks, boosting confidence in digital asset markets.
Zcash rose 10 percent to $1,616, marking the largest gain among major cryptocurrencies this week. This move occurred while Bitcoin held steady near $86,900, up one percent over the past day.
Market optimism stems from two key developments in Washington. The House committee approved a bill for a Strategic Bitcoin Reserve, and the SEC cleared tokenized stock trading.
Washington advances strategic reserve legislation
The American Reserve Modernization Act passed the House Financial Services Committee 28 to 21 on September 17. This vote marks the furthest progress for such a bill in Congress to date.
The proposal would place roughly 325,000 government-held bitcoin into a Treasury-managed reserve. It mandates holding these assets for at least twenty years with quarterly audits.
Regulatory clarity boosts tokenization confidence
The SEC used an innovation exemption to allow onchain trading of tokenized U.S. stocks. This action filled a regulatory gap left by the stalled CLARITY Act in Congress.
Analysts note this rapid regulatory response has lifted confidence in digital assets. It specifically drove sharp rallies in tokens linked to the tokenization sector.
Oil decline and rate policy shift
Brent crude dropped below $99 per barrel, marking its sixth consecutive losing session. This decline eased inflation worries and supported bond rallies across Asian markets.
The yen weakened after the Bank of Japan raised rates by a two-vote margin. Traders interpret this split as signaling a gradual path toward tighter monetary policy.
