BTC, ETH, XRP Dip Amidst White House July Crypto Law Target
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) prices declined, fueling sell pressures in altcoins after a previous rally that lifted the market cap of all digital assets.
Trading data showed that Bitcoin has fallen below $79k, Ethereum is tracking $2.3k, and XRP is locked below $1.40 on Wednesday due to weak buying sentiment.
The crypto market capitalisation is down 1.5% to $2.66 trillion over the past 24h, driven by a combination of Bitcoin-led selling pressure and DeFi security concerns.
Bitcoin dominance rose to 60.23%, indicating the market followed BTC’s decline. The drop was amplified by comments from Michael Saylor, who discussed the potential for strategic Bitcoin sales to cover dividends, raising concerns about selling pressure from a major holder.
Meanwhile, the White House is pushing to get a major US crypto market structure bill, the Digital Asset Market Clarity Act, through Congress by 4 July 2026.
The administration’s crypto adviser has laid out a July 4 target tied to Senate action in May and June, followed by a House vote.
White House digital assets adviser Patrick Witt said the administration is “targeting July 4” for Congress to pass the Digital Asset Market Clarity Act, often called the CLARITY Act, describing the timeline as tight but achievable.
He outlined a path of Senate Banking Committee markup in May, four working Senate weeks in June for a floor vote, and then a House vote before Independence Day, after the House already passed its version in 2025.
This would align the bill’s final passage with the US 250th anniversary celebrations and give the administration a symbolic regulatory milestone. Reports from CoinDesk, Decrypt and others all describe this coordinated July timeline for the bill’s advancement through Congress.
The Clarity Act is a broad federal market structure bill for digital assets that aims to clarify which tokens fall under the Commodity Futures Trading Commission versus the Securities and Exchange Commission, and to set baseline rules for trading venues and consumer protection.
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