Daily News 19

Tag: Senate vote

  • Ethereum Tests $2,434 Support as Sellers Return

    Ethereum Tests $2,434 Support as Sellers Return

    Ethereum Price Drops 2.7% to $2,446 Amid Pre-Vote Caution

    Ethereum (ETH) fell 2.7% to $2,446 on Tuesday, September 15, extending its pullback from the $2,500 resistance zone. The decline came as traders braced for a pivotal U.S. Senate vote on the CLARITY Act, with broader crypto market caution weighing on sentiment.

    Session Price Action and Key Levels

    ETH opened the session at $2,515, touching an intraday high of $2,519 before selling pressure pushed the price down to a low of $2,431. The move briefly pierced the closely watched $2,434 support level, though buyers quickly stepped in to lift the price back above that threshold by the close.

    Earlier in the day, ETH had already slipped 1.07% to $2,492, signaling persistent selling interest. Volume reached 81,970 ETH, notably lighter than the levels seen during the August rally.

    Macro Catalyst: CLARITY Act Senate Vote

    Investors exercised caution ahead of Tuesday’s critical U.S. Senate vote that could determine whether the CLARITY Act advances to formal debate. The legislation, aimed at providing regulatory clarity for digital assets, requires sufficient senator endorsements to proceed.

    Bitcoin also declined ahead of the vote, indicating the Ethereum drop was part of a broader risk-off move across the crypto market rather than an isolated ETH-specific event.

    Technical Analysis: Has $2,434 Support Held?

    The intraday dip to $2,431 briefly broke below the key $2,434 support, but the recovery to $2,446 suggests buyers defended the area during the session. A brief breach does not confirm a breakdown; the daily close will determine whether the level holds.

    According to TradingView data, the momentum oscillator stood at 54, placing ETH in neutral territory — not at an extreme that would typically signal an imminent short-term rebound.

    Despite the near-term decline, Ethereum continues to trade above its long-term moving averages, meaning the broader recovery from the June lows remains structurally intact.

    Next Levels to Watch

    • Downside: A daily close below $2,434 with follow-through selling could shift focus to the $2,385 support zone.
    • Upside: A recovery above $2,500 would ease immediate pressure, while a sustained move above $2,520 would signal buyers have regained control.

    Summary

    • ETH down 2.7% to $2,446.
    • Briefly traded below key $2,434 support.
    • Close below $2,434 risks a move toward $2,385.
    • $2,500 remains the first recovery hurdle; $2,520 would confirm buyer strength.
  • What Happens If the CLARITY Act Bill Doesn’t Pass?

    What Happens If the CLARITY Act Bill Doesn’t Pass?

    CLARITY Act Faces Critical Senate Vote as Industry Warns of Regulatory Vacuum

    With the Senate vote on the CLARITY Act just days away, Digital Chamber CEO Cody Carbone outlined the likely scenarios if the legislation fails to pass—and he isn’t sugarcoating the odds of a quick legislative fix.

    Don’t Expect a Lame-Duck Save

    Asked whether the bill could still advance during a lame-duck session or early in the next Congress, Carbone was blunt: “I think that is unlikely,” he said. If the bill cannot move forward in the coming weeks before the election, he expects a very different path to take shape.

    Regulators Move Fast

    Carbone said the most immediate response would come from regulators themselves. “You’re going to see the regulators moving fast and furious,” he said, pointing to SEC Chairman Paul Atkins, who is already signaling they’ll implement CLARITY’s goals through guidance and rulemaking rather than waiting on Congress. He expects that to start with an innovation exemption from the SEC, arriving quickly if the bill stalls.

    A “Skinny” Version Could Emerge

    The second path Carbone outlined involves breaking the bill apart. He reminded stakeholders that CLARITY isn’t one clean piece of legislation—it’s an amalgamation of roughly 40 to 50 separate bills merged into one package. That structure, he said, opens the door to pulling out individual provisions and attaching them to must-pass legislation later this year, citing the National Defense Authorization Act—which has passed every year for six decades—as a likely vehicle.

    Carbone was cautious about the odds of that approach working. “I don’t know if the latter will be successful,” he said, but he was confident regulators stepping in independently is the more likely outcome. “That will be the regulatory framework implementation for the next two years. It’ll likely be primarily agency action.”

    If CLARITY fails to clear its September 15 hurdle, Carbone’s read is that Washington doesn’t get a clean do-over anytime soon. Instead, expect regulators to fill the gap through rulemaking, with a slim chance that individual provisions get revived by riding along on unrelated must-pass bills before year’s end.

  • Clarity Act Faces Setback: Key Details on Stalled US Cryptocurrency Legislation

    Clarity Act Faces Setback: Key Details on Stalled US Cryptocurrency Legislation

    CLARITY Act Faces Critical Senate Vote Hurdle as Republican Senators Warn of Potential Failure

    The CLARITY Act, legislation designed to establish a comprehensive regulatory framework for the cryptocurrency market in the United States, encounters a significant obstacle ahead of a pivotal Senate procedural vote expected on September 15. Two Republican senators have signaled that the bill may not pass in its current form, raising the prospect of a substantial delay for federal crypto regulation.

    Republican Senators Express Doubts on Bill’s Viability

    Speaking to Semafor, Senator Mike Rounds (R-SD) indicated that the current state of the CLARITY Act “does not look positive for its future.” His colleague, Senator Thom Tillis (R-NC), issued a more explicit warning, stating that the legislation’s fate hinges entirely on negotiations with the White House. Tillis cautioned that if the administration does not act to resolve disputes over ethics provisions, “the CLARITY Act will fail.” This marks the first time a Republican lawmaker has publicly assessed the bill as likely to fail in next week’s proceedings.

    Ethics Provisions Emerges as Key Sticking Point

    The primary friction point centers on ethics regulations covering the president and his family—a core demand from Democratic lawmakers. Two Democratic officials informed Semafor that minimal progress has been made on this front. Democrats are insisting that specific ethics clauses addressing cryptocurrency holdings and activities for the president and his family be incorporated into the Act.

    White House Maintains Support Amid Impasse

    Despite the mounting skepticism on Capitol Hill, the White House maintains its commitment to the legislation. A spokesperson affirmed that President Donald Trump is “committed to seeing the law pass through Congress” and emphasized that the United States “must protect its competitiveness in the digital asset space.”

    September 15 Procedural Vote Requires 60-Vote Threshold

    The Senate is scheduled to hold a critical procedural vote on the CLARITY Act next week. To advance past this initial stage, the bill must secure at least 60 votes. A failure to reach this threshold would significantly delay the effort to create comprehensive federal oversight for the digital asset industry, making the upcoming vote a decisive moment for the future trajectory of U.S. crypto regulation.

    This article does not constitute investment advice.

  • CLARITY Act Prospects Remain Uncertain as Senate Showdown Nears

    CLARITY Act Prospects Remain Uncertain as Senate Showdown Nears

    Kalshi traders see a strong chance that the Senate will hold a vote on the CLARITY Act before Oct. 1, but prediction markets assign the legislation a much smaller chance of becoming law in 2026.

    As of Aug. 31, Kalshi traders priced the probability of a Senate vote before Oct. 1 at 91%. Polymarket, however, gave the CLARITY Act only a 13% implied chance of becoming law this year.

    Image source: Kalshi, Aug. 31, 2026.

    Sept. 15 Senate Vote Sets the CLARITY Act Timeline

    The Senate left Washington on Aug. 8 after Majority Leader John Thune filed a cloture motion, setting up a procedural vote for Sept. 15. Cloture generally requires 60 votes and would allow the Senate to move toward debating and potentially passing the legislation.

    Clearing that hurdle would solve only the first problem. According to reporting by American Banker, Capital Alpha Partners’ Ian Katz cut his estimate for enactment from about 40% to 25%, or potentially lower. He warned that overcoming cloture would not guarantee final passage.

    Galaxy Digital reduced its estimate even further, placing the probability at 10% in August as Congress used up more of the legislative calendar.

    Prediction Markets Expect a Vote but Doubt Final Passage

    Trading activity in prediction markets reflects the same divide. Kalshi’s Senate vote contract has generated more than $1.25 million in volume, while its broader crypto market structure enactment contract has attracted more than $6.8 million.

    Image source: Kalshi, Aug. 31, 2026.

    Polymarket’s market on whether H.R. 3633 will become law in 2026 has drawn roughly $11.5 million. Its implied probability stands at just 13%, down sharply from the 82% odds traders assigned in February.

    Image source: Polymarket, Aug. 31, 2026.

    Three Disputes Threaten the Crypto Market Structure Bill

    The CLARITY Act would establish a federal framework for crypto markets, give the Commodity Futures Trading Commission exclusive authority over spot digital commodity markets, and leave the Securities and Exchange Commission responsible for certain securities offerings and exchange activity.

    Three disputes are putting pressure on the coalition needed to secure 60 Senate votes: ethics restrictions involving government officials and crypto, stablecoin rewards that banks view as competition for deposits, and protections for decentralized finance (DeFi) projects and non-custodial software developers.

    Several Democrats who once appeared open to negotiations have criticized the latest version of the bill. Banking groups have also continued to oppose stablecoin yield provisions. Republicans including Sens. Cynthia Lummis, Tim Scott, John Boozman, John Thune, and Thom Tillis remain among the legislation’s strongest supporters.

    SEC and CFTC Move Ahead as Congress Runs Out of Time

    Federal regulators are not waiting for lawmakers to resolve the legislation. SEC crypto rulemaking and CFTC initiatives involving exchanges, leveraged trading, and decentralized finance could establish major parts of the regulatory framework without congressional action.

    However, future administrations can generally reverse agency rules more easily than federal statutes. That makes the Sept. 15 vote a critical pressure point for the CLARITY Act.

    Even if senators clear the 60-vote procedural threshold, Congress faces a crowded schedule that includes government funding, defense legislation, and the approaching midterm elections. Another failure could push the broader crypto market structure debate into a lame-duck session or into 2027.

    For crypto companies, banks, and investors, the key question is no longer whether Washington will continue discussing the CLARITY Act. It is whether senators can assemble enough votes on Sept. 15 to keep the bill moving.