Before the September 15 vote, Republican senators released a revised draft of the Clarity Act that added new registration requirements for controlled transaction protocols, while the morality provisions were largely unchanged. These are the facts that can currently be confirmed: the draft text has been made public, the voting date has been set, but whether it will ultimately be passed and whether the provisions will be changed again remains to be seen.

The transmission path for this situation is actually not complicated. What the crypto market fears most is not regulation itself, but unclear rules. The core selling point of the Clarity Act is to provide a clearer framework for token classification and for compliance on trading platforms, so when the revised version is released, it is theoretically a positive signal for the industry. But the market response in the data has been rather cold: BTC is at $79,026.35, with a four-hour change of -0.11%; ETH is at $2,480.86, with a four-hour change of 0.02%. The two largest assets barely moved, suggesting that traders have either already priced it in or simply do not believe this draft will be successfully enacted.

SOL did rise by 0.58%, reaching $103.66. The movement isn’t huge, but at least SOL is more active than BTC and ETH. However, note that the observation windows for these data are September 8, September 6, and September 1 respectively, which don’t fully align with the news release times—so we can’t insist that SOL’s volatility is driven solely by this piece of news. A more reasonable interpretation is that the market is generally in a low-volatility state, and a single piece of legislative progress isn’t enough to break the deadlock.

Next, what’s worth tracking is the battle over the amendments before the September 15 vote—especially the specific scope of application of the “controlled trading protocol” registration requirement: which protocols it will actually cover, and how high the compliance costs will be. If the final version is stricter than expected, or if the vote is postponed, then this current narrative of “legislative positivity” will be overturned. Conversely, if the vote passes and the terms are more lenient than expected, the market may need to reprice accordingly.

Risk warning: This article is for informational interpretation only and does not constitute investment advice.