Bitcoin Holds Steady Amid US Regulatory Uncertainty
Bitcoin price action was subdued on Thursday as investors awaited key regulatory developments in the United States. The cryptocurrency traded at $77,759.4 by 02:01 ET (06:01 GMT), a 0.2% increase from the previous day's close.
The market's caution was partly due to ongoing tensions between the US and Iran, as well as growing expectations for interest rate hikes in developed economies, particularly in the US and Japan.
US Securities and Exchange Commission Chair Paul Atkins stated that he expects the Senate to hold a key procedural vote on the Clarity Act on September 15. The act aims to establish a regulatory framework for crypto in the US, and Atkins said it is likely to reach President Donald Trump's desk this month.
The SEC is also preparing its own regulatory framework, known as the Regulation Crypto Assets proposal, which could function alongside the Clarity Act. Atkins stated that the agency can proceed with its framework even if the Clarity Act does not clear Congress.