The U.S. House Financial Services Committee is holding a field hearing in New York on Friday on the Digital Asset Market Clarity Act, a federal framework that has helped lift Bitcoin back above $62,000.

The bill seeks to establish a comprehensive national structure for crypto markets, clarifying which assets fall under the jurisdiction of the Securities and Exchange Commission and which under the Commodity Futures Trading Commission. Supporters say the uncertainty has driven innovation offshore.

Momentum is building in Congress. The Senate is working to advance crypto legislation before the August recess, and President Trump has reportedly pushed for passage. Prediction market Polymarket has placed the odds of the measure advancing in a range near 43% to 50% in recent trading.

Industry backing is conspicuous. Coinbase, Ripple and Kraken have endorsed the effort, as have law-enforcement groups that argue clear rules aid oversight. Bitcoin has traded above $62,000 and shown signs of stabilizing near $65,000, recovering from June lows on softer inflation and legislative optimism.

Ethereum has rallied in tandem, climbing above $1,800 as risk appetite returned following a stretch of liquidations. Analysts caution that the rebound reflects relief rather than a new high, with both major tokens still far below their 2025 peaks.

The hearing is one test of whether bipartisan appetite can survive the legislative gantlet. For an industry long starved of clarity, Friday's session is less about immediate law than about signaling that Washington is finally engaging.

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