SEC Backs CLARITY Act Vote as XRP Price Surges on Regulatory Hopes
The US Senate is set to vote on the CLARITY Act on September 15, according to SEC Chair Paul Atkins. This legislation aims to provide clearer regulations for cryptocurrencies in the United States, with the goal of making America a top digital asset hub.
Atkins expressed his support for the bill, stating that it would stimulate domestic operations and entrepreneurship under US law. He also mentioned that regulators could take action using current securities laws if the bill is not passed.
The SEC Chairman's comments came as the cryptocurrency market showed signs of recovery, with Bitcoin regaining $78,000 and Ethereum rebounding after support at $2,400. The total capitalization of the crypto market has increased to $2.63 trillion, and liquidations have declined by 69%.
Ripple (XRP) price has also moved higher, reaching $1.3817 after gaining 3% over four hours. Analysts believe that a break past $1.40 could lead to the next big target at $1.50, with further targets at $1.60 and the previous high of $1.68.
However, if XRP fails to hold onto $1.30, it may result in a shift of focus to $1.20, which would be a setback for the existing recovery framework.