Bitcoin Falls as U.S. CLARITY Bill Stalls...What’s Next for Virtual Assets [Weekend Money]

Timing of Bill Passage Delayed,
But Institutionalization Is Expected to Continue Unchanged

Although the passage of the U.S. CLARITY bill, which aims to clarify the legal characteristics of virtual assets and divide regulatory authorities, has been delayed, analysts say there will be no significant change in the U.S. stance toward institutionalizing virtual assets.

On September 19, Eugene Investment & Securities stated this in its report, "No CLARITY, Still Clarity." The company explained that while the failure of the CLARITY bill puts short-term pressure on virtual asset prices, the movement toward institutionalization will continue.

On September 15, the CLARITY bill was rejected in the U.S. Senate, with 49 votes in favor and 50 against; 60 votes were required for passage. With expectations that legislation cannot occur within this year, there was a net outflow of $450 million in Bitcoin and $140 million in Ethereum from spot ETFs on September 16. Since the Senate will be in recess for the U.S. midterm elections from October 5 until November 6, the bill will have to be reintroduced in the new Congress, which begins after January 3 of next year.

The price of Bitcoin fell to the $74,000 level but then recovered to the $76,000 range. As the possibility of rejection had already been partially priced in, and because this is not an event that changes the U.S. policy direction regarding virtual assets, the overall market decline was limited.

Meanwhile, in the U.S., the GENIUS Act will establish a separate federal statutory framework for stablecoins, which is set to take effect in January next year. Standards and supervision systems for determining whether virtual assets are securities or commodities are being specified, centering on the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC).

Kim Sehee, a researcher at Eugene Investment & Securities, said, "In the U.S., even tokenization is being institutionalized, with the SEC leading the establishment of regulations for token issuance, tokenized securities, and blockchain-based financial market infrastructure." She added, "The CFTC is also expanding formal entry routes by making use of its existing authority, such as permitting the listing of spot virtual asset futures on registered exchanges."

This content was produced with the assistance of AI translation services.