Zcash jumps 10% as Bitcoin Reserve bill clears House panel — SkimNews
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- Zcash rose 10% to just above $1,616 in Wednesday Asian hours, the largest gain among major tokens, while Bitcoin held near $86,900 (up 1% over 24 hours), XRP added 6% to above $1.62, HYPE gained 4% to nearly $97, and DOGE picked up 4%; ether, BNB, and SOL each gained under 1%, with TRX the only decliner at -1%.
- The House Financial Services Committee approved the American Reserve Modernization Act on Sept. 17 by a 28-21 vote, sending it toward a full House vote — the furthest any Strategic Bitcoin Reserve bill has advanced in Congress, per RootstockLabs director Tony Dicarlo.
- The bill would place the roughly 325,000 bitcoin the government already holds — most from criminal and civil forfeitures — into a Strategic Bitcoin Reserve at Treasury, require they be held for at least 20 years, mandate quarterly audited proof of custody, and order a study on acquiring more without adding to the deficit.
- The SEC used an innovation exemption to clear onchain trading of tokenized U.S. stocks within a day, filling the void left by the stalled CLARITY Act and lifting tokenization-linked tokens and broader confidence, Dicarlo said.
- Bitcoin is back above its 50- and 200-week moving averages, up roughly 29% in 35 days, Dicarlo noted, framing the legislative and regulatory tailwinds as reinforcing a technical breakout.
- Oil fell under 1% to about $99/barrel — a sixth straight losing session, the longest streak in a year — after President Trump said U.S. officials had a "very good" meeting with Iranian envoys in New York, easing inflation worries and pushing bonds higher across the Asian session.
- The Bank of Japan raised rates on a divided 7-2 vote, a split traders read as signaling a gradual tightening path; the yen weakened afterward, keeping cheap Japanese funding available for global risk trades.
Why it matters: A Strategic Bitcoin Reserve bill is now further along in Congress than any predecessor, and the 325,000 government-held coins it would lock away for 20 years represent a structural supply removal if enacted. Pair that with the SEC bypassing a stalled Congress to greenlight onchain tokenized-stock trading within a day, and two long-standing institutional bottlenecks for crypto — federal custody legitimacy and tokenization rails — moved simultaneously, which is why Bitcoin's break back above its 50- and 200-week moving averages carried unusual weight.
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