The U.S. Senate has scheduled a procedural vote on the Clarity Act for September 15 to determine if the bill will proceed to a final vote this year. The bill aims to establish competitive rules for the crypto industry, clarify how cryptocurrencies can be used in corporate financing, and define reporting and compliance obligations for operators to regulatory bodies such as the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Analysts suggest that if the bill fails to pass, Bitcoin could fall by 10%-25%, while altcoins might see declines of 15%-30%.