Today, a vote on the CLARITY Act, one of the most critical developments for Bitcoin and altcoins, will take place. Accordingly, the US Senate will determine whether to proceed with the CLARIT
Today, a vote on the CLARITY Act, one of the most critical developments for Bitcoin and altcoins, will take place. Accordingly, the US Senate will determine whether to proceed with the CLARITY Act, which aims to establish a regulatory framework for cryptocurrency markets, through a procedural vote on September 15th, today.
While it is stated that 60 votes are needed for the bill to proceed, it is noted that the vote will not mean the bill becomes law, but will only pave the way for discussions in the Senate. At this point, the Senate will vote on whether or not to proceed to the general assembly for discussion of the bill.
Market expectations suggest that Bitcoin and altcoins, including Ethereum, Solana, and XRP, could see strong gains if the CLARITY bill is approved. However, one analyst notes that if the vote is positive, ETH, SOL, and XRP might perform even more strongly than Bitcoin.
Speaking to Coindeks, Bitget Wallet research analyst Lacie Zhang said that clarifying the boundaries between the US SEC and CFTC under the bill could improve institutional access and support a wider range of products for ETH, SOL, and XRP.
The main reason for this is that Bitcoin’s regulatory position in the US is already clearer than other major crypto assets. At this point, BTC’s ETF access, institutional investment infrastructure, and regulatory standing are already significantly improved. Therefore, it is assessed that the marginal benefit of a new regulatory framework could be higher for Ethereum, Solana, and XRP.
Zhang predicts that Ethereum could be the biggest beneficiary, especially due to its use as a payment layer for stablecoins, decentralized finance, and tokenized assets. According to the analyst, if regulatory clarity positively impacts the DeFi space, DeFi tokens like UNI and AAVE could move even faster than ETH, SOL, and XRP, but the risks would also be higher.
TDXStrategy, a quantitative cryptocurrency trading firm, predicts that if the vote is positive, Bitcoin could surpass the $82,000 resistance level and rise to the $88,000-$90,000 range.
Conversely, it is stated that if the vote fails, Bitcoin could experience a correction towards the approximately $73,000 level.
*This is not investment advice.
Continue Reading: A Critical Day for Cryptocurrencies: The Clarity Act Vote Could Send Bitcoin and Three Altcoins Soaring! Here Are the Details
