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Coinbase shares surged as much as 13% on July 21 after Treasury Secretary Scott Bessent declared the CLARITY Act at the Senate's 'one-yard line,' with exchange and crypto infrastructure stocks outpacing Bitcoin itself as markets bet on a long-overdue regulatory framework finally clearing Congress. The White House ethics deal that had stalled the bill for months appears resolved in principle, though Democrats have yet to see the agreed text and the August 7 recess deadline is tight.