Binance Wallet and PancakeSwap Launch Pre-IPO Token Campaigns

The U.S. Senate rejected the Clarity Act, ending the cryptocurrency industry's campaign for a comprehensive federal regulatory framework after the bill failed to secure the 60 votes needed to advance, The Wall Street Journal reported late Saturday. The measure, which had sought clearer rules for digital-asset businesses, capped months of negotiations among lawmakers, crypto companies and banks, and eventually expanded beyond 600 pages as negotiators fought over stablecoins, consumer protections and the treatment of public officials' crypto holdings. Coinbase Global Chief Executive Brian Armstrong became one of the most influential figures in the debate, pushing lawmakers to preserve rewards Coinbase offers on holdings of the USDC stablecoin, which banks opposed on the grounds that interest-like crypto rewards could pull deposits from traditional financial institutions. The disagreement came to a head in January when Armstrong withdrew support for an early version of the bill shortly before a Senate committee vote, and Republicans' final attempt to win Democratic support by placing President Trump's crypto assets in a blind trust failed to produce enough votes. Coinbase shares fell more than 10% after the Senate setback, then rebounded later in the week after the SEC opened a path for tokenized stocks to trade in the United States, and the bill's collapse prolongs regulatory uncertainty for Coinbase and other U.S. crypto companies.

Bitcoin rebounded 8% from a seven-day low of about $75,500 to reach $81,800. Falling crude oil prices eased inflation concerns and helped fuel a short squeeze above $80,000. U.S. Central Command commander Brad Cooper indicated an increase in crude oil, cargo, and liquefied natural gas shipments, and Brent crude fell from around $111 on September 11 to about $104, while WTI crude also dropped from $106 to below $100. The Fed raised its policy rate by 25 basis points to 3.75-4.00%, but the crypto market saw $201 million in forced liquidations over 24 hours, with shorts accounting for $112.9 million. A motion to begin deliberation on the CLARITY Act failed by a vote of 49 to 50, and its probability of passage fell from 31% to 7%, while the SEC introduced a five-year conditional exemption for TSV to handle tokenized NMS equities, and the CFTC also sent crypto trading and market regulation proposals to the White House. U.S. spot Bitcoin ETFs saw inflows of about $159 million on Thursday and $433 million on September 18, marking the first back-to-back net inflows since September 3.