Clarity Act Vote Fails, Crypto Growth Path Unaffected

The failure of the Clarity Act voting process has delivered a short-term shock to the cryptocurrency market, but analysts say it won't stop the trend toward institutional integration and tokenization. On September 15 (local time), Grace Amund, a cryptocurrency market analyst, stated in a Schwab Network interview that this vote failure represents 'a delay rather than a retreat,' emphasizing that it won't derail the market's growth or interest. Amund noted that SEC Chair Gary Gensler and CFTC Chairman Michael Sella have repeatedly signaled their commitment to advancing crypto regulations regardless of the Clarity Act outcome, with these signals already being accepted as policy direction in Wall Street. She added that the SEC's proposed crypto regulations and tokenization exception framework are part of this ongoing trend. With the bill not passing, firms like BlackRock, Ark Invest, and Fidelity may more actively utilize the SEC's tokenization innovation exception program, potentially expanding securities tokenization, 24-hour trading, and connections between decentralized exchanges such as HyperLiquid, Coinbase, Kraken, and the New York Stock Exchange.

Amund also highlighted that the Clarity Act could have made it easier for overseas-based crypto companies to return to the U.S. and secure funding. She explained that bringing businesses and assets under SEC or CFTC oversight could help reduce fraud, hacking, misuse, and opaque market participants, calling this one of the main reasons why the Clarity Act should be enacted into law. Regarding short-term market weakness, she attributed it not only to the failed vote but also to risk-reduction moves ahead of the upcoming Federal Reserve rate decision. She noted that CME rate tools reflect a 94% probability of a 0.25 percentage point interest rate hike and linked crypto-related stock selling pressure to position adjustments before the Fed event. On Bitcoin, Amund assessed volatility as normal, stating it remains within a trading range between $64,000 and $70,000 over recent months, with many market participants viewing $58,000 as a support level. She warned of significant sell orders and short-selling pressure around $80,000, suggesting it could act as a psychological resistance level. However, she stressed that 'it's too early to say crypto is over because of today's disappointing Clarity Act result,' adding that if the Fed holds rates steady, the recent two-week bullish trend may revive.