Crypto Market Awaits CLARITY Act Vote and Fed Guidance
The crypto market is on high alert as investors wait for a crucial week of U.S. regulatory and monetary policy developments. Bitcoin traded near $78,700 on Monday, September 14, while XRP hovered around $1.41. The broader crypto market gained 1.32% over 24 hours to $2.65 trillion, supported largely by optimism surrounding the CLARITY Act.
The U.S. Senate is expected to consider a cloture motion on the CLARITY Act from 2:15 p.m. ET on Tuesday, September 15. However, opposition could complicate the vote, as New York Attorney General Letitia James and 17 other state attorneys general have urged Congress to reject the current proposal.
The Federal Reserve's September 15-16 meeting is also on the horizon. The Fed will announce its rate decision Wednesday at 2 p.m. ET, followed by updated economic projections and a press conference. Traders currently favor a 25-basis-point increase from the existing 3.50%, 3.75% target range to 3.75%, 4.00%.
Institutional crypto demand has meanwhile diverged, with U.S. spot Bitcoin ETFs recording roughly $463 million in net outflows during September 7-11. In contrast, spot XRP ETFs attracted $18.98 million, while Ethereum products received $197 million and Solana funds saw approximately $10.30 million.