Bitcoin approached $67,000 on Tuesday as renewed optimism around US crypto regulation lifted digital assets and related equities.

The largest crypto asset rose more than 2% to around $66,700, reaching the upper end of the range it has held since early June. Coinbase shares climbed as much as 12.6% during the session before trimming some of the advance.

The rally followed comments reported by Bloomberg from Treasury Secretary Scott Bessent, who said lawmakers were at the “1 yard line” on the Clarity Act and urged Congress to pass the legislation before leaving for its August recess.

The bill would establish a clearer regulatory framework for digital assets and divide oversight responsibilities between US financial regulators. Lawmakers are working to resolve remaining disagreements around ethics provisions, money laundering requirements and jurisdiction over crypto trading.

Bitcoin has gained roughly 14% in July after recording two consecutive monthly declines. The recovery has been supported by improving trading volumes, renewed institutional demand and signs that selling pressure across derivatives markets is fading.

US spot Bitcoin exchange traded funds also returned to positive flows during the past week. The products recorded approximately $181 million of net inflows on July 14, followed by another $108 million on July 15 and $79 million on July 16.

Bitcoin has traded between approximately $60,000 and $67,000 since the beginning of June as investors focused on artificial intelligence stocks and major equity offerings, including SpaceX’s public debut.

The latest recovery follows months of weak sentiment after a sharp October selloff triggered widespread liquidations. Subsequent rallies were repeatedly met with selling, preventing Bitcoin from establishing a sustained recovery.