US Senate Vote Imminent, Cryptos Rally as Clarity Bill Takes Shape
The cryptocurrency market has rebounded strongly ahead of an imminent vote on the CLARITY Act in the US Senate. The procedural vote, scheduled for September 15, is seen as a crucial step towards clarifying the regulatory framework for digital assets.
XRP, one of the affected cryptocurrencies, surged over 5% to top $1.4, outperforming most major coins. Bitcoin (BTC) rose 1.6%, approaching $78,000, while Ethereum (ETH) increased by 1.45%, breaking above the $2,500 mark.
The CLARITY Act aims to distinguish between commodities and securities, placing decentralized digital asset transactions under the jurisdiction of the Commodity Futures Trading Commission (CFTC). This has generated a regulatory tailwind for tokens like XRP that have been trying to step out of the shadow of SEC securities lawsuits.