Crypto Market Sees Boost Ahead of CLARITY Act Vote

The crypto market has seen a boost in value ahead of Tuesday's U.S. Senate procedural vote on the CLARITY Act, which could shape regulatory expectations for digital assets.

Bitcoin traded near $78,700 on Monday, while XRP changed hands around $1.41. The Senate outcome may not make the proposal law but will still have a significant impact on the market's sentiment.

New York Attorney General Letitia James leads a bipartisan coalition of 17 attorneys general opposing the current bill, arguing it could limit states' ability to prosecute crypto fraud and protect investors.

The Federal Open Market Committee meets September 15-16 and is scheduled to announce its decision Wednesday at 2 p.m. Eastern, with interest rate traders favoring a 25-basis-point increase.