Clarity Act hits snooze: XRP drops 5.5% as Senate's summer break tanks the majors 📉

The U.S. Senate will not vote on the Crypto Clarity Act before its August recess, Senate Majority Leader John Thune said Friday, pushing consideration to at least September and leaving the bill's 60-vote threshold in question. Lawmakers return Sept. 14 with three weeks to address a backlog that includes government funding and a Russia sanctions bill. Several Republican senators have publicly opposed the market structure legislation, and Democrats are demanding stricter provisions barring President Donald Trump from profiting off crypto while in office. Trump disclosed more than $1 billion in income from his crypto ventures in 2025.

Bitcoin traded near $64,300 on Friday, flat on the day and flat on the week. Inflows into spot bitcoin funds of roughly $626 million between Aug. 3 and Aug. 5 helped defend the $63,000 to $64,000 support zone but fell short of pushing price through resistance between $66,000 and $66,600. The Federal Reserve held rates at 3.50% to 3.75% in July, though three officials voted in favor of a hike. The next U.S. employment report and July inflation data could influence the Fed's path, with a stronger jobs print or sticky inflation potentially tightening conditions that have historically pressured bitcoin.

Among majors, XRP was the weakest performer, down more than 2% on the day to $1.02 and 5.5% over seven days. Solana slipped more than 1% to nearly $73 and is down almost 2% on the week. Dogecoin lost almost 1% to under 7 cents. Ether was flat at $1,897, down marginally over seven days. BNB held at $591, up 1% on the week, and Hyperliquid's HYPE eased under 1% to nearly $56 while leading the majors over seven days at 1.3%.

The Clarity Act would delineate oversight between U.S. regulators for different digital assets, but it remains unclear whether the measure currently commands even 50 votes in the Senate. Market participants now look to next week's macro releases for direction, with bitcoin yet to reclaim $66,000 despite a week of sustained spot fund inflows.