Bitcoin rose above $67,000 on Tuesday amid expectations of progress on US cryptocurrency legislation and potential capital flows from cooling artificial intelligence investments.

Treasury Secretary Scott Bessent signaled that Congress is nearing passage of the CLARITY Act, which would provide a clearer regulatory structure for digital assets. The development supported gains in Bitcoin, Ether and related equities, particularly among exchanges and mining companies.

Market participants also pointed to shifting investor preferences. After prolonged focus on artificial intelligence stocks, concerns over valuations and infrastructure costs have prompted some reallocation toward cryptocurrencies, especially with stabilizing interest rate expectations.

Separately, Balaji Srinivasan’s Network School has signed an agreement with Kazakhstan to establish a campus following the revocation of its license in Malaysia. The memorandum involves the country’s minister of digital development and positions Kazakhstan as a technology hub, including plans for a crypto city.

In the United Kingdom, a parliamentary group launched an inquiry into banking restrictions affecting cryptocurrency businesses and consumers. The Crypto and Digital Assets All-Party Parliamentary Group will examine impacts on investment, competition and growth, with submissions due by August 31.

A prior survey indicated that banks blocked or delayed 40 percent of transactions for 10 exchanges, with 70 percent of respondents reporting reduced willingness to invest or expand in the country.