U.S. Clarity Act final draft lifts bitcoin, ethereum, XRP

U.S. Senate Republicans unveiled amendments to the Clarity Act, a crypto market structure bill, prompting a joint rebound in bitcoin (BTC), XRP and ethereum (ETH). Republicans released a new bill that reflects many Democratic demands, and the market is taking it as a sign the legislation is more likely to pass, blockchain outlet U.Today reported on Sept. 14 (local time).

Bitcoin turned higher again and traded near $77,700. XRP, which had been weak recently, also rebounded, and ethereum returned to around $2,500. The recovery is seen as aligning with expectations that months of negotiations over the market structure bill in the Senate have entered a critical phase.

Republicans late on Sept. 13 released a new 635-page version of the Clarity Act. The revisions include ethics provisions backed by the White House and a number of changes Democrats have sought. Republican staff described the draft as the Democrats’ “last and best final offer” on the Clarity Act.

The core issue is the extent to which Democratic demands were accepted. According to Politico reporter Eleanor Mueller, about 80% of an ethics proposal prepared by Senators Thom Tillis and Ruben Gallego was incorporated into the new bill. Another Republican aide said the changes include “more than 90%” of what Democrats wanted on that issue.

Senator Cynthia Lummis also underscored the scale of concessions in the revisions. She said the amended bill reflects more than 120 Democratic requests and said, “After a year of intense bipartisan daily negotiations, this bill is ready.” That suggests talks to secure Democratic votes by adjusting issues including ethics rules and stablecoins have effectively entered their final stage.

Passage is still not assured. The Clarity Act has not yet secured enough votes in the Senate to move to the next step. The Senate is set to hold a procedural vote on Sept. 15. The vote is expected to be a watershed for whether the bill can move into substantive consideration.

The market is also watching the schedule. Polymarket data showed the probability of the Clarity Act passing this year has risen above 30 percent. As months of negotiations over government ethics, stablecoins and other provisions enter a final adjustment phase, investors appear to be partly pricing in expectations of mainstream adoption.

Against that backdrop, the Sept. 15 vote could influence not only short-term price moves but also the direction of U.S. crypto regulatory debate. With Republicans having put most of their negotiating cards on the table by presenting a final draft, the remaining variable is whether Democrats accept the revisions and back the procedural vote.

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Jinju Honghongjj@d-today.co.kr

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