Bitcoin Survived the CLARITY Act Setback: What Happens Next?

Aside from the initial dip to $75,000, BTC has shown impressive resilience.

It was a massive week for the entire cryptocurrency industry, with essentially nothing going its way, and yet bitcoin managed to seemingly weather the storm, especially from the bigger blow – the failure of the CLARITY Act.

The cryptocurrency’s price dropped to a multi-week low at $75,000 immediately after the US Senate voted against advancing the key bill on September 15, but has since recovered all losses and even exceeded $81,000 on Friday.

Uncertainty; Not a New Crackdown

CryptoPotato reached out to several prominent crypto experts to see what their take is on the vote, which fell short of the 60 senators required to move the legislation forward. Alvin Kan, COO at Bitget Wallet, noted that the result should not be interpreted as Washington reversing its stance on the digital asset industry by imposing new restrictions.

“The CLARITY Act’s failure to advance has preserved the current US regulatory patchwork,” he said.

The legislation’s core idea was to establish clearer boundaries between the SEC and the CFTC and create federal rules covering the crypto markets and intermediaries. Its failure, though, leaves much of that work with regulators instead of Congress.