TLDR
- XRP dropped nearly 10% to $1.30 after the Senate failed to advance the Clarity Act in a 49-50 procedural vote
- The bill needed 60 votes to move forward; multiple Republicans voted no
- Ethics language around Trump, his family, and Cabinet members’ crypto holdings was the breaking point
- Crypto equities were hit harder than tokens — Coinbase fell nearly 9%, Circle dropped more than 9%
- The Fed rate decision later Wednesday added more pressure to an already selling market
XRP fell nearly 10% to $1.30 during Asian morning hours on Wednesday, making it the worst performer among major cryptocurrencies. The drop came after the U.S. Senate failed to advance the Clarity Act, a bill designed to bring regulatory structure to the crypto market.
The Senate voted 49-50 on a cloture motion, a procedural step that required 60 votes to move the bill to debate. It fell 11 votes short.
The bill had over 600 pages of compromise text. The provision that ultimately killed it was ethics language meant to stop senior government officials from holding crypto business interests while in office.
Today, the Clarity Act failed to advance in the Senate, a tremendous missed opportunity for American consumers, the digital asset industry, and U.S. competitiveness.
What it doesn't change: Ripple and $XRP stand on settled ground.
The Clarity Act may have fallen short, but the…
— Ripple (@Ripple) September 15, 2026
Senator Elissa Slotkin, a Democrat from Michigan, was among those who voted no. She cited the ethics provisions as “too thin,” pointing to President Trump, his children, and his Cabinet profiting from crypto. She also flagged concerns about the CFTC lacking the staff to enforce the law, and gaps around money laundering and terrorist financing.
Ripple CEO Brad Garlinghouse called the setback a situation that “stings” in a post on X, a rare public show of frustration from an executive known for measured messaging.
Crypto Equities Hit Harder Than Tokens
While XRP led losses among tokens, crypto stocks took a bigger hit. Coinbase fell nearly 9% to $174.42. Circle dropped more than 9% to $88.26. Galaxy Digital lost 8% and Gemini fell 7%. Bullish and Riot Platforms each shed 5%.
Ether fell close to 5% to around $2,410. Solana and Dogecoin each dropped about 5%. Bitcoin slipped nearly 3% to just above $76,000, briefly touching below $75,000 before recovering.
Santiment, a crypto analytics firm, noted on X that XRP’s millionaire-tier wallets — addresses holding over 1 million XRP — had shown increased activity before previous sharp price moves. Santiment’s account highlighted that 85 new wallets of this size appeared just two days before XRP’s 67% breakout in August, suggesting large holders often move before major price swings.
📈 Still getting over that sudden +67% $XRP price breakout? The ledger’s millionaire wallets moved first. The chart shows 85 new 1M+ XRP addresses appearing just 2 days before XRP’s 67% breakout from Aug. 17 to Aug. 21.
🐋 Million-plus wallets can absorb supply, deepen bids, and… pic.twitter.com/5FxTFRKlUV
— Santiment Intelligence (@SantimentData) September 15, 2026
What Comes Next
With the Clarity Act dead for now, the SEC’s proposed Reg Crypto framework and tokenized securities rules become the main path toward regulatory clarity. A new Congress convenes in January 2027.
The Federal Reserve’s rate decision, due later Wednesday, added another layer of uncertainty. Traders were leaning toward a quarter-point hike heading into the announcement.
At the $1.30 level, XRP sits at a key technical point. A 25 basis point Fed hike could push the price toward $1.21 or lower. An unchanged rate may help XRP reclaim $1.30 as support.
