Cryptos Decline Broadly, XRP Plunges Over 10% as CLARITY Act Fails to Pass US Senate
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On September 15 ET, the U.S. Senate’s 50-50 tie vote on the CLARITY Act failed to reach the 60-vote threshold, temporarily stalling the bill's formal consideration and amendment process without permanently killing it. The legislative gridlock triggered a broad cryptocurrency sell-off, with Bitcoin dropping 4% below $76,000, Ethereum falling 5.22% to $2,404, and Ripple plunging over 10% to $1.32. Consequently, digital asset jurisdiction remains undivided, leaving the SEC to advance its regulatory framework independently, while the industry continues operating under existing frameworks and the GENIUS Stablecoin Act amid prolonged regulatory uncertainty.
TradingKey - On September 15 ET, the vote on the CLARITY Act in the U.S. Senate concluded with a 50-50 tie, falling short of the 60-vote procedural threshold, leaving the full Senate debate unable to start.
This vote result merely means that the CLARITY Act is temporarily unable to enter the Senate's formal consideration process. It does not mean the bill is permanently dead, nor does it represent a final rejection. It means the Senate cannot end the procedural debate on whether to proceed to consideration, and the bill temporarily cannot move to subsequent amendment discussions.
Impacted by this, cryptocurrencies generally fell. Bitcoin (BTC) fell 4%, slipping below the $76,000 mark; Ethereum (ETH) fell 5.22% to $2,404; Ripple (XRP) fell over 10% to $1.32.
Price changes of top 10 cryptocurrencies by market cap, Source: CoinMarketCap
The core of the CLARITY Act is to redraw jurisdiction over digital assets: mature network tokens fall under the CFTC, early-stage tokens fall under the SEC, with a "maturity certification" transition mechanism in between.
Following the bill's stall, the SEC will continue to advance its regulatory framework on its own timeline, while the jurisdictional boundaries between the CFTC and SEC will still be defined by individual cases and litigation. In the short term, the industry can only operate under the already enacted GENIUS Stablecoin Act and existing frameworks.
This content was translated using AI and reviewed for clarity. It is for informational purposes only.
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