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AnalysisCryptocurrencies

SEC Chair Backs CLARITY Act as Crypto Rally Stalls and Bitcoin Stays Below $65,000

TradingKey

AuthorBlock Tao

Jul 29, 2026 5:56 AM

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Cryptocurrency markets saw a modest rebound on July 29 after SEC Chairman Paul Atkins expressed support for the CLARITY Act, helping Bitcoin reclaim $63,000. However, this impact remains limited, as the Senate prioritizes other legislation, effectively stalling the bill before the August recess. Market sentiment remains constrained by the upcoming FOMC rate decision. With a 70.6% probability of static rates and a 29.4% chance of a 25-basis-point hike, the anticipated high-rate environment continues to favor US Treasuries and dollar assets, maintaining significant selling pressure on high-risk crypto assets.

AI-generated summary

TradingKey - With the FOMC rate decision looming, the US SEC Chairman's support for the CLARITY Act has a very limited impact on the crypto market.

On July 29, US SEC Chairman Paul Atkins voiced support for the CLARITY Act, leading to a modest rebound in the cryptocurrency market, which rose 0.57% over the past 24 hours. Bitcoin ( BTC) rose 0.62%, temporarily trading at $63,895.34; Ethereum ( ETH) rose 1.12%, trading at $1,906.56.

bitcoin-btc-price-24d049be66074a8ba921631f2a1dd2ae Bitcoin Price Chart, Source: CoinMarketCap

This morning, Paul Atkins on X platform posted, "I am committed to supporting Congress in advancing the CLARITY Act, including providing technical assistance. America's leadership in the digital financial revolution means energizing US innovators with a regulatory framework to match."

Following the announcement, the sell-off in the crypto market was halted, and Bitcoin reclaimed the $63,000 mark. Yesterday, reports emerged that the US Senate had suspended its review of the CLARITY Act, causing cryptocurrencies to plunge across the board; Bitcoin dropped by about $3,000, falling below the $63,000 threshold, while Ethereum fell by $100, losing the $1,900 level.

Despite the support expressed by regulators, the US Senate Majority Leader prioritized the sanctions bill against Russia on the agenda, leaving little hope for a vote on the CLARITY Act before Congress's August recess. In addition, the Federal Reserve (Fed) is scheduled to announce its interest rate decision at 2 p.m. Eastern Time on Wednesday (July 29). The risk of interest rates remaining high for an extended period or even rising further has significantly boosted the attractiveness of US Treasuries and US dollar assets, subjecting high-risk assets like cryptocurrencies to intense selling pressure. According to the latest CME data, there is a 70.6% probability of maintaining the current interest rate, and a 29.4% chance of a 25-basis-point rate hike.

This content was translated using AI and reviewed for clarity. It is for informational purposes only.

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Disclaimer: The content of this article solely represents the author's personal opinions and does not reflect the official stance of Tradingkey. It should not be considered as investment advice. The article is intended for reference purposes only, and readers should not base any investment decisions solely on its content. Tradingkey bears no responsibility for any trading outcomes resulting from reliance on this article. Furthermore, Tradingkey cannot guarantee the accuracy of the article's content. Before making any investment decisions, it is advisable to consult an independent financial advisor to fully understand the associated risks.

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