CLARITY Act Vote Looms as Bitcoin Price Holds Steady Amid Regulatory Uncertainty
Investors are bracing for potential market volatility as September 15 approaches, when the Senate is set to vote on the CLARITY Act. The act's fate will be decided by a procedural motion that requires 60 votes under Senate rules. If passed, it would open debate on the legislation and allow lawmakers to further refine its provisions.
The current draft of the CLARITY Act includes 114 Democratic amendments, but no Democratic senator has publicly committed support yet. Treasury Secretary Scott Bessent has urged senators from both parties to back the procedural step, which could lead to a comprehensive statute governing digital assets. The White House Digital Asset Advisory Council's Patrick Witt described the remaining legislative window as increasingly narrow.
Meanwhile, Bitcoin price is hovering around $77,351, while Ethereum and XRP are trading at $2,531 and $1.37 respectively. Analysts predict that a rate hike by the Federal Reserve on September 16 could strengthen the dollar and put pressure on risk assets like cryptocurrencies. A softer decision from the Fed might, conversely, support demand for digital currencies.
Bitcoin ETF outflows have continued for four consecutive days, totaling $13.29 million in net withdrawals. However, spot Ethereum ETFs have seen a surge of $216 million in net inflows during the same period, with BlackRock's ETHA accounting for most of these additions.