Bitcoin rallied on Friday despite two major Washington developments earlier this week that appeared unfavorable for crypto markets. The Senate failed to advance the CLARITY Act on Sept. 15, l
Bitcoin rallied on Friday despite two major Washington developments earlier this week that appeared unfavorable for crypto markets.
The Senate failed to advance the CLARITY Act on Sept. 15, leaving the industry's broad market-structure legislation stalled. A day later, the Federal Reserve raised interest rates by 25 basis points to 3.75%-4%, its first increase since 2023.
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After the CLARITY vote, however, SEC Chair Paul Atkins made clear the agency would continue its crypto rulemaking agenda regardless of what happened in Congress. Speaking at the Solana Policy Institute summit on Sept. 14, Atkins said:
“With or without that legislation, this Administration will deliver for American investors and technological innovators. Promises were made, and they will be kept.”
Atkins said the SEC was already pursuing several crypto initiatives under Project Crypto, including rules for token issuers, updated transfer-agent requirements and new custody options for investment advisers.
That regulatory push has since accelerated.
On Sept. 17, the SEC introduced its five-year “Innovation Exemption,” creating a pathway for qualifying platforms to trade tokenized U.S. stocks onchain. The framework allows tokenized securities to retain the same shareholder rights as their underlying stocks while giving issuers the ability to opt out.
The CFTC also issued a no-action position for certain software developers and, on Sept. 17, submitted “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets” to the White House Office of Information and Regulatory Affairs for review.
The moves could be helping improve sentiment by showing that federal regulators are advancing crypto rules despite the congressional setback, though they do not replace the broader statutory framework envisioned by CLARITY.
Strategy (MSTR) Executive Chairman Michael Saylor highlighted the SEC action Thursday, saying:
“The SEC’s innovation exemption enables 24/7 onchain trading of tokenized $STRC and $MSTR for U.S. investors through qualifying venues.”
JPMorgan has also pointed to a potentially favorable positioning setup. Analysts led by Nikolaos Panigirtzoglou said Bitcoin remains more heavily hedged than gold, meaning reduced hedging demand could provide additional support.
Crypto market heatmap at press time.“The more elevated short interest in the IBIT vs. GLD ETF could create more support for bitcoin vs gold from here if hedging demand is reduced,” the analysts said.
Bitcoin was trading near $81,014 at press time, up about 6.3% over the previous 24 hours. The broader crypto market also moved higher, with Ether gaining 5.7% and Solana rising nearly 9.7%.
The move came as investors digested a mix of regulatory developments in Washington, including the SEC’s new Innovation Exemption, even as the CLARITY Act remains stalled in the Senate. Together, the developments have kept regulatory clarity at the center of the crypto market’s outlook.
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