Zcash Rises 10% as Bitcoin Holds Near $87,000 on Policy News
Zcash Leads Market Gains as Bitcoin Stabilizes
Zcash rose 10% to trade just above $1,616 on Wednesday morning, making it the top performer among major cryptocurrencies. Bitcoin remained steady near $86,900, marking a 1% increase over the previous 24 hours. Most large digital tokens advanced during the Asian trading session, while TRX was the only major token to decline by 1%. The positive market sentiment appears linked to two significant policy developments in Washington, D.C. First, a bill to establish a Strategic Bitcoin Reserve passed a House committee. Second, the U.S. Securities and Exchange Commission (SEC) approved a pathway for onchain trading of tokenized U.S. stocks, even as broader crypto legislation remains stalled.
Key Market and Policy Data
- Zcash (ZEC) gained 10%, reaching approximately $1,616.
- Bitcoin (BTC) held near $86,900, up 1% in 24 hours.
- XRP rose 6% to just above $1.62.
- The House Financial Services Committee approved the American Reserve Modernization Act by a vote of 28 to 21.
- Oil prices fell, easing some inflation concerns across global markets.
The Strategic Bitcoin Reserve Bill
The American Reserve Modernization Act cleared the House Financial Services Committee on September 17. The bill would place the roughly 325,000 bitcoins currently held by the U.S. government into a new Strategic Bitcoin Reserve managed by the Treasury Department. Most of these coins were seized during criminal and civil enforcement actions. Under the proposed legislation, the government would be required to hold the Bitcoin for at least 20 years. It would also mandate quarterly audited proof that the assets remain secure and untouched. Additionally, the bill orders a study on methods to acquire more Bitcoin without increasing the federal deficit. This represents the furthest a bill with this goal has progressed in Congress. It must still receive a full House vote and approval from the Senate to become law.
SEC Moves on Tokenized Stocks
While congressional efforts like the CLARITY Act face delays, the SEC has taken independent action. The regulator used an innovation exemption to allow the onchain trading of tokenized U.S. stocks within a single day. Tony Dicarlo, director of institutional propositions at RootstockLabs, noted that this regulatory move helped drive sharp rallies in tokens linked to stock tokenization and improved broader market confidence. He described the SEC's action as filling a legislative gap left by Congress.
Why This Matters for Investors
The combination of potential government adoption of Bitcoin and new avenues for trading traditional assets on blockchain platforms has strengthened market outlooks. Analysts cited in the source material attribute the upbeat tone of the Asian session to these policy shifts. Beyond crypto, broader financial markets saw bonds rally as oil prices continued to slide. Brent crude oil dropped under 1% to approximately $99 a barrel. In Asia, Australian and New Zealand 10-year government bond yields each fell by at least three basis points, while U.S. Treasury futures climbed.
Next Steps for Legislation
The American Reserve Modernization Act now moves toward a full House vote. If it passes the House, it must then be considered by the Senate. There is no confirmed timeline for when a full House vote will occur.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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