SEC Backs CLARITY Act: Will It Boost BTC, ETH, and XRP?

SEC Chair Paul Atkins has expressed support for the CLARITY Act, which is set to be voted on by the Senate on September 15. He describes the agency's newly proposed crypto framework as its 'most historic step yet' towards making the US a global leader in cryptocurrency. The SEC's proposal is designed to work alongside the CLARITY Act rather than replace it.

Atkins emphasized that the agency has sufficient authority under existing law to proceed with rulemaking if Congress fails to act, but noted that a statutory grounding would be more durable and sustainable. He framed the effort as a 'reshoring push', aiming to bring crypto innovators back to the US and allow American investors to operate under US law.

Crypto markets are currently experiencing a pullback, with Bitcoin trading near $77,000, down 1.3% on the day. Ethereum's chart structure suggests a deeper pullback may be ahead before any renewed rally attempt, while XRP ETF demand remains strong despite the market's decline.