"Bitcoin slipped below $80,000 on Wednesday, and U.S. spot Bitcoin ETFs saw $635 million in outflows, which is the biggest since January. The broader crypto market is bleeding on hot inflation data that just pushed Fed rate cut expectations into 2027. However, XRP ( ) is holding at $1.45, up around 1.2% on the day. This reflects the asset most directly tied to today's CLARITY Act markup is the one holding up against the broader sell-off."
"The Senate Banking Committee meets at 10:30 AM EST to mark up the bill that would codify XRP's commodity classification into federal law. Senator John Kennedy committed his support on Wednesday, locking in all 13 Republican votes, and Polymarket odds jumped from 62% to 73% on the news. With committee passage now almost effectively done, what's left to watch are three internal signals that could decide where XRP goes from here."
"For months, Senator John Kennedy of Louisiana was the only Republican holding up the CLARITY Act . He finally changed his stance to yes on Wednesday after cutting a deal with Chairman Tim Scott to bundle two of his own amendments into the package. The first adds a fiduciary duty provision that requires people in the crypto industry to act in clients' best interest. The second is Section 904-the Build Now Act , a housing bill Kennedy co-sponsored with Senator Elizabeth Warren. It already cleared the Senate in March."
"The deal locks all 13 Republican votes, so committee passage is effectively certain today regardless of how Democrats vote. However, locking in committee passage isn't the same as locking in final passage. The bill still needs 60 votes on the full Senate floor to clear the filibuster, which means at least seven Democrats have to cross over. The Build Now Act bundle is a calculated move on that front-Warren's name on the housing piece gives Democrats bipart"
Bitcoin slipped below $80,000 and U.S. spot Bitcoin ETFs recorded $635 million in outflows, the largest since January, amid broader crypto weakness tied to hot inflation data and later Fed rate cut expectations. XRP stayed around $1.45, up about 1.2% on the day, reflecting relative strength tied to the CLARITY Act markup. The Senate Banking Committee meets at 10:30 AM EST to mark up a bill that would codify XRP’s commodity classification into federal law. Senator John Kennedy committed support after bundling two amendments with Chairman Tim Scott, securing all 13 Republican votes and making committee passage nearly certain, though final Senate passage still requires 60 votes and crossovers from Democrats.
Read at 24/7 Wall St.
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