Cryptos Rebound Strongly as 'Clarity Act' Vote Imminent, XRP Surges Over 5%
TradingKey - Procedural vote on the CLARITY Act kicks off as cryptocurrencies broadly rebound, with XRP surging over 5%.
With the procedural vote on the CLARITY Act imminent on September 15, cryptocurrencies broadly rebounded. Among them, Bitcoin (BTC) rose 1.6%, approaching $78,000; Ethereum (ETH) rose 1.45%, breaking above the $2,500 mark; XRP (XRP) surged 5.29%, topping $1.4, outperforming most major coins.
Price changes of the top 10 cryptocurrencies by market cap, Source: CoinMarketCap
Today, the U.S. Senate will hold a crucial procedural vote on the CLARITY Act. Regarded as a landmark piece of legislation for the U.S. digital asset market structure, this bill has drawn intense attention and proactive positioning from the cryptocurrency market.
XRP surged sharply as the bill clearly distinguishes between commodities and securities. It proposes placing most decentralized digital asset transactions and non-security tokens under the jurisdiction of the Commodity Futures Trading Commission (CFTC), creating a major regulatory tailwind for tokens like XRP that have long been trying to step out of the shadow of SEC securities lawsuits.
According to a report by crypto journalist Eleanor Terrett on August 14, Senate Republicans released a new text of the CLARITY Act, which incorporates the revised ethics proposal agreed to by Trump. In response, Republicans stated that "this is the final, best, and last offer presented to Democrats ahead of Tuesday's procedural vote."
Today's vote is a procedural motion that requires at least 60 votes in the Senate to end debate and advance to a final vote. While Senate Republicans are actively pushing it, the bill still requires support from at least six Democratic senators. Currently, Elizabeth Warren, the ranking Democrat on the Senate Banking Committee, delivered a speech on Monday evening explicitly opposing the bill, arguing that its provisions fail to prevent Trump from continuing to profit from crypto businesses.
Looking ahead, if the vote passes (≥60 votes), the crypto market as a whole could kick off a rally, with XRP expected to break its previous high of $1.7. Conversely, if it fails to reach the 60-vote threshold, short-term profit-taking selling pressure could trigger a brief market correction, making a return of XRP to $1.3 highly likely.
XRP price chart, Source: TradingView
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