XRP leads majors losses as Clarity Act vote slips to September
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
The U.S. Senate has postponed a vote on the Crypto Clarity Act until September, leading to mixed performance among major cryptocurrencies. Bitcoin remained near $64,300, essentially flat for the week, while XRP led losses with a 5.5% weekly decline. The Clarity Act aims to clarify regulatory oversight of digital assets but faces uncertain support in the Senate.
Why it matters
The delay of the Crypto Clarity Act vote means ongoing uncertainty over regulatory jurisdiction for cryptocurrencies. Market movement appears tied to this legislative indecision along with forthcoming U.S. jobs and inflation data, which may influence Bitcoin’s price direction. The bill’s passage could have significant implications for regulation in the crypto sector.
Key context
The Crypto Clarity Act requires 60 votes to pass but currently lacks clear majority support; about 50 votes are uncertain. Republican senators have publicly opposed the bill, while Democrats seek stricter rules concerning former President Donald Trump’s crypto activities. The Senate will resume voting in mid-September amid a busy legislative schedule. Bitcoin price support has been reinforced by inflows into spot bitcoin funds, but resistance remains between $66,000 and $66,600. Upcoming U.S. employment and inflation data are expected to affect Federal Reserve policy outlook and thus crypto price trends.
Key numbers and entities
Bitcoin (BTC) hovered near $64,300, XRP price was $1.02 after a 5.5% weekly drop, Solana near $73, Dogecoin under 7 cents, Ether (ETH) at $1,897, Binance Coin (BNB) at $591 with a 1% weekly gain, and Hyperliquid’s HYPE near $56 with a 1.3% weekly gain. Spot bitcoin funds received approximately $626 million in inflows from August 3 to 5. Senate Majority Leader John Thune indicated the vote would occur in September. Trump reportedly disclosed over $1 billion income from crypto ventures in 2025.
What remains unclear
The current total Senate support for the Crypto Clarity Act is uncertain, as is the bill’s ultimate chance of passing given opposition from some Republicans and legislative priorities. The timing and detailed impact of upcoming U.S. jobs and inflation reports on crypto markets remain to be seen. The source does not flag other open questions.