Bitcoin, Ethereum, XRPHit by CLARITY Act ‘Setback,’ Fed Hike: What’s Next?

Bitcoin(CRYPTO: BTC) dropped below $76,000 as Ethereum(CRYPTO: ETH), Solana(CRYPTO: SOL) and Dogecoin(CRYPTO: DOGE) and XRP(CRYPTO: XRP) struggle to hold key levels after the Senate failed to advance the <a href="https://xpertsstudio.com/what-the-clarity-act-senate-failure-means-for-btc-as-75k-support-faces-test/” title=”What the CLARITY Act Senate Failure Means for BTC as $75K Support Faces Test”>CLARITY Act and the Federal Reserve raised interest rates by 25 basis points.

Cryptocurrency market analyst Ray Salmond said that the legislative “setback” is unlikely to derail crypto’s broader growth and adoption.

Why Is The Failure Is A ‘Setback,’ Not A ‘Derailment‘

Salmond argued in a Schwab Network interview on Wednesday that the regulatory story now shifts from legislation to rule making.

The SEC and CFTC are positioned to fill part of the regulatory void after the CLARITY Act failed to advance.

However, industry executives and analysts have cautioned that agency rules may be more vulnerable to political changes and legal challenges than legislation passed by Congress.

Salmond expects regulators to continue moving forward regardless of whether the Clarity Act returns next year or later.

That could keep Wall Street’s crypto expansion moving.

He added that a clearer framework like the CLARITY Act would give U.S. crypto companies stronger legal footing while making it easier for offshore firms to re-headquarter in the U.S., raise capital and integrate with TradFi.

He expects firms including BlackRock(NYSE:BLK), ARK Invest and Fidelity to lean further into potential SEC frameworks for tokenization, paving the way for more tokenized securities, 24-hour trading and deeper integration between traditional financial markets and crypto platforms.

Warsh Announces First of Several Potential Hikes

Elsewhere, the Federal Reserve delivered the widely-anticipated 25 basis points hike, with another hike projected until year-end. Gold and equities dived on the announcement, which is widely perceived as the start of a fresh hiking cycle going into 2027.

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