Crypto Prices Plummet on CLARITY Act Setback and Federal Reserve Decision
Crypto prices dropped sharply on September 16, 2026, due to the failure of the US CLARITY Act in the Senate and uncertainty ahead of the Federal Reserve's interest-rate decision.
The Digital Asset Market CLARITY Act had been viewed as an important piece of legislation for the digital-asset industry. Its failure means the industry will have to wait longer for lawmakers to reach an agreement on rules governing digital assets.
Galaxy Digital CEO Mike Novogratz criticised the Senate's failure to advance the bill, saying that most major disagreements had been resolved through compromise, but ethics remained a major sticking point.
The crypto market is also under pressure because investors are waiting for the Federal Reserve's interest-rate decision on September 16. Markets were expecting the Fed to raise interest rates later in the day, which would be the first US rate hike in three years.