Crypto Markets in Focus as CLARITY Act Vote and Fed Decision Loom
The crypto market is bracing for a significant week ahead of it, with two major events set to take place on September 15 and 16. The US Senate is scheduled to vote on the CLARITY Act's cloture motion, which requires 60 votes in favor. This procedural vote will determine whether lawmakers can advance the Digital Asset Market Clarity Act to Senate floor consideration.
However, Democratic lawmakers have been withholding support over ethics rules, adding another layer of uncertainty to an already closely watched vote. The outcome could have implications for how digital assets are regulated in the US and how responsibilities are divided among federal regulators.
The following day brings another major event for markets: U.S. retail sales are scheduled for 8:30 a.m. ET on September 16, followed by the Federal Reserve's policy announcement at 2:00 p.m. and the Fed chair's press conference at 2:30 p.m.
According to Coin Bureau, there is an 87% probability of a rate hike, which would be the first increase in three years. Market pricing had indeed placed the probability of a September hike at 87% as of September 11.