Bitcoin, XRP Slump as SEC Delays and Rising Yields Weigh on Crypto Market
The cryptocurrency market is facing renewed selling pressure due to regulatory delays and rising U.S. Treasury yields.
Bitcoin and XRP are underperforming, with Bitcoin trading near $62,800 and XRP hovering around its critical $1 support level.
The latest decline comes as progress on the U.S. Clarity Act stalls in the Senate and the Securities and Exchange Commission (SEC) reportedly prepares to further delay its innovation exemption proposal.
This proposed exemption aims to make trading tokenized securities on blockchain networks easier under existing securities laws, but concerns from the White House and Wall Street have slowed progress.
The SEC has also postponed a planned meeting concerning 'Reg Crypto', an initiative aimed at developing fundraising rules for crypto token projects.