cryptocurrencyThursday, September 17
The big story today is that a House committee voted to codify Trump's Bitcoin reserve into law, making it harder for future presidents to unwind. That's the headline, but it landed in a messy market: the Clarity Act failed a Senate vote, triggering $570 million in long liquidations, while the Fed raised rates for the first time since 2023. Crypto's policy wins and losses are arriving all at once.
The House Financial Services Committee made the biggest move of the day, advancing a bill that would turn Trump's executive order on Bitcoin into permanent law.
The House Financial Services Committee passed H.R. 8957, the American Reserve Modernization Act, by a 28-21 vote. It would codify Trump's Strategic Bitcoin Reserve and a separate Digital Asset Stockpile into law, removing a future president's ability to reverse it by executive order.
This piece frames the committee vote as a permanent lock-in: once codified, the Bitcoin reserve can't be undone by a future administration without another act of Congress. That's the key consequence for price stability and political risk.
Another outlet confirms the 28-21 vote and notes the bill now heads to the full House. Same story, slightly different framing on the 'national cryptocurrency stockpile' language.
While one bill advanced, another stalled: the Clarity Act's Senate procedural failure triggered a wave of long liquidations and selective selloffs.
$571 million in long positions were liquidated after the Clarity Act failed a Senate procedural vote. Bitcoin and Ethereum each lost about $190 million in longs. The selloff was triggered by a policy setback, not a market-wide shock.
Not every token got hit: XRP and Aave dropped over 10%, but the lack of a single catalyst or broad market impact suggests selective volatility rather than a systemic selloff. Worth noting alongside the liquidation data.
Seven Democratic senators say they'll keep pushing the CLARITY Act after the failed Senate vote. The bill isn't dead yet, but it's on the back foot.
The Federal Reserve raised rates for the first time in three years, and the House Ways and Means Committee quietly passed a bipartisan crypto tax bill.
The Fed raised rates by 25 basis points to 3.75%-4%, the first hike since 2023. 16 of 18 officials expect another hike in 2026. That's a tighter monetary backdrop for crypto than the market has been used to.
Bitcoin held near $76K support even after the Fed's rate hike. The market had apparently priced it in, but the broader tightening outlook remains a headwind.
The House Ways and Means Committee advanced the Digital Asset Tax Certainty Act by a 38-5 vote, a rare bipartisan margin on crypto tax policy. It's a separate track from the reserve and Clarity Act fights, but it shows Congress can agree on some things.
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US Lawmakers Advance Bill to Make Trump’s Bitcoin Reserve Lawwww.cryptobreaking.com
U.S. lawmakers moved closer to formalizing President Donald Trump’s plan for a government-held Bitcoin program after the American Reserve Modernization Act of 2026 cleared the House Committee on Financial Services. The bill, H.R. 8957, passed the committee on Wednesday in a 28–21
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