Bitcoin rose by 16.66% over the past two days, bringing its market capitalization back to $1.5 trillion, as the overall cryptocurrency market continues to recover.

BlockBeats News, August 21st, according to HTX market data, Bitcoin has surged significantly for two consecutive days, with a total increase of 16.66%, bringing its market capitalization back to $1.5 trillion.

The cryptocurrency market has rebounded. Following a series of positive statements towards the cryptocurrency field by former U.S. President Trump earlier this week, the U.S. Commodity Futures Trading Commission (CFTC) Innovation Advisory Committee held its first meeting on Thursday. A large number of cryptocurrency industry leaders and executives attended and spoke, further boosting the market.

Meanwhile, CFTC Chairman Michael Selig stated that even if the U.S. Congress fails to pass the "Crypto Market Structure Act," the cryptocurrency industry will still receive market structure regulatory rules. Selig noted that the CFTC can establish market regulation frameworks through rulemaking or by advocating for legislation.

Selig mentioned that the CFTC is currently evaluating multiple cryptocurrency regulatory rules but will continue to monitor the progress of the "Clarity Act." The bill is currently stalled in the U.S. Senate, and a procedural vote is expected in mid-September, but uncertainty remains as to whether it will garner enough votes before the U.S. midterm elections.

Selig stated that legislation is "the most reliable way," but the CFTC already has significant regulatory authority under existing laws. If Congress ultimately fails to pass the relevant bills, the CFTC will use its existing authority to formulate regulatory rules.