- Bitcoin surges to $73,492, up 3.7% today.
- Fear & Greed Index drops to 12 amid rally.
- Senate targets Q3 2026 votes on crypto legislation.
Treasury Secretary Janet Yellen urged the US Senate on April 13, 2026, to prioritize crypto legislation. Bitcoin rocketed to $73,492, up 3.7% in 24 hours, per CoinMarketCap.
Yellen spotlighted regulatory gaps driving volatility in a Washington briefing. Ethereum soared to $2,272, gaining 3.5%. The rally propelled total crypto market cap past $2.5 trillion.
Crypto Legislation Push Gains Traction on Bitcoin Rally
Yellen's push triggered heavy buying. The Fear & Greed Index sank to 12, signaling extreme fear despite gains, via Alternative.me data.
BNB advanced to $609, up 2.6%. Yellen stressed stablecoin rules and dangers from unregulated decentralized finance (DeFi) platforms handling billions daily without oversight.
Traders bet regulatory clarity sustains the rally. Bitcoin's climb signals surging institutional demand before new laws hit.
Yellen Outlines Priorities for Crypto Legislation
Yellen called for rapid Senate approval of the Financial Innovation and Technology for the 21st Century Act (FIT21). FIT21 defines rules for crypto custody, exchanges, and structures, classifying assets as commodities or securities based on traits.
"Congress must act now to protect consumers and innovation," Yellen said at the briefing, per Reuters. House Financial Services Chairman Patrick McHenry endorsed the effort this week.
The bill mandates anti-money laundering (AML) standards for intermediaries, balancing security and growth. US banks hold over $50 billion in Bitcoin ETFs, Bloomberg reports. Ethereum rises with layer-2 scaling absorbing higher volumes. XRP touched $1.35, up 1.8%.
Senate Dynamics Shift on Crypto Legislation
Senator Cynthia Lummis (R-WY), Senate Banking Committee member, aligns with Yellen. Lummis co-sponsored a bill creating a national Bitcoin strategic reserve of up to 1 million BTC over time.
Senator Elizabeth Warren (D-MA), Digital Assets Subcommittee chair, blocks broad bills. Warren flags consumer perils in crypto speculation.
Yellen pitched federal charters for crypto businesses with SEC policing security tokens. Coinbase shares leaped 4.2% on Nasdaq to around $285, hitting fresh highs on rule hopes.
On-Chain Metrics Fuel Crypto Legislation Debate
USDT stablecoin stayed at $1.00. Glassnode tracked $2.1 billion Bitcoin inflows to exchanges last week.
Institutions fuel demand. BlackRock's IBIT Bitcoin ETF struck $20 billion AUM. Yellen connected rules to defending USD leadership in payments.
Ethereum smart contracts managed 1.2 million daily transactions last week, spotlighting DeFi boom. Unregulated holdings create systemic threats, she warned.
Crypto Legislation Could Unlock $1 Trillion Inflows
Clear crypto legislation may unlock $1 trillion institutional inflows, a Deloitte report projects. It could steer traditional finance to blockchain, lifting crypto's GDP impact by 1-2% yearly. Compliance tech shares rallied sharply.
Bitcoin probes $75,000 resistance. Analysts eye upside on progress. Federal Reserve Chair Jerome Powell highlighted crypto payments potential last month.
Global Regulations Accelerate US Crypto Legislation Urgency
EU MiCA launches 2026, enforcing 1:1 stablecoin reserves. Hong Kong launched Bitcoin ETFs despite China restrictions, siphoning capital.
US hesitation invites outflows to rivals. "America must lead innovation with safe regulations," Yellen declared.
Circle Internet Financial chases a national trust charter for regulated stablecoin issuance.
Crypto Legislation Timeline Builds Momentum
Senate eyes crypto legislation votes in Q3 2026. Bipartisan backing swells with Bitcoin at $73,500.
Markets cling above $73,000, bulls chasing $80,000 on signals. Senate Banking Committee hearings loom next month.
