PrimeXBT: XRP is already a commodity under US law, so what does the CLARITY Act actually change?

Ask the XRP community what the CLARITY Act would do, and the answers tend to fall into two camps.

One says XRP is still waiting on legal clarity, and that the bill is the moment its commodity status finally gets settled. The other says that was already handled in March, when regulators named XRP a digital commodity, and that the legislation is now mostly symbolic.

Both are half right, and the half each one misses explains why the September vote matters less than people think, and more than people think, at the same time.

Where things stand after March

On 17 March 2026, SEC Chairman Paul Atkins and CFTC Chairman Michael Selig announced a joint interpretive release setting out how federal securities laws apply to crypto assets.

This was not a staff memo, which is what most earlier crypto guidance amounted to. The release binds both agencies, and it names 18 major cryptocurrencies as examples of digital commodities, XRP among them alongside Bitcoin (BTC), Ether (ETH) and Solana (SOL). It also replaces earlier staff statements, including the SEC’s 2019 framework for investment contract analysis.

For an asset that spent four years at the centre of an SEC lawsuit, that is a real shift, and it settles the first claim. XRP has held a formal federal commodity classification since March.

Why that classification is less settled than it looks

The second claim is harder to dismiss, until you look at what the SEC itself has been saying.

On 18 August, the agency proposed a new set of rules for crypto fundraising, built on the March guidance. Announcing it, Atkins made a point that got less attention than the rules themselves. He said laws passed by Congress remain essential, because only they are durable enough to stop the agency’s current work from being undone by a future regulator.

That is the man who signed the March classification saying it could be reversed. An interpretation is an agency’s reading of the law, not a change to the law. The March release leaves the Supreme Court’s Howey test in place and changes how it gets applied. The law underneath has not moved. What changed is how two agencies say they will read it, and a future Commission could read it differently.

There is a simpler point too. The industry does not act as though the question is closed. More than 200 crypto firms spent this year pushing the Senate for a law. Nobody lobbies that hard for something they already have.

Two separate things in one bill

Most coverage treats CLARITY as a classification bill, which undersells it.

The classification part is real. It would move XRP’s status from something two agencies decided into something Congress wrote down, changeable only by Congress. But the bill also builds market oversight that does not currently exist. Today the CFTC can pursue fraud and manipulation in commodity spot markets, but it does not supervise them. CLARITY would give it proper authority over digital commodity spot trading, including a registration system for exchanges, brokers and dealers, capital and record-keeping requirements, and a rule that customer assets sit with approved custodians.

Right now, US spot crypto venues have no federal regulator overseeing them. For the institutions everyone keeps waiting on, knowing what XRP is only answers half the question. The other half is whether they can hold it somewhere their own rules allow.

What the flow data shows

There is something close to a live test running. XRP has a favorable court ruling, a federal classification and seven US spot ETFs. If regulatory clarity alone were enough to bring in institutional money at scale, it should be visible by now.

It isn’t. The funds have taken in $1.51 billion since launching, but $666 million of that arrived in the first month. Across the first six months of 2026 they added roughly $329 million, and July brought just $27.29 million. In the week ending 8 August, net inflows came to $1.01 million.

That is still money coming in rather than going out, and it has been positive for four weeks running. The point is the size. A committed group of holders keeps adding small amounts, and no second wave has arrived behind them. What would bring one is platform-level allocation from wirehouses and model portfolios, and those committees tend to want rules that cannot be withdrawn by the next administration.

What the chart suggests

On the weekly timeframe, XRP has been tracking the broader crypto market lower, which is what usually happens. Most altcoins follow Bitcoin (BTC) for most of the cycle, and this move is no exception.

The more interesting detail is the weekly RSI, currently near 31.7. It has flattened out and appears to be forming a bullish divergence, making a higher low while price continues to make lower lows. That is not a signal that a bottom is in. It is a reason to pay attention.

Below current price, the 0.618 Fibonacci retracement on the log scale sits near $0.90. Beneath that, the 0.702 comes in around $0.75, which falls in the middle of what is often called the long reload zone, an area where longer-term buyers, bot and algos tend to rebuild  positions.

XRP remains in a downtrend. But it is moving towards levels that have historically drawn longer-term interest, and that approach may coincide with whatever the Senate does in September.

What happens in September

The Senate returns on 14 September with a vote set for the 15th. Before the recess, Majority Leader John Thune filed cloture on the motion to proceed, which makes that a procedural vote rather than a vote on the bill. Passing it means the Senate has agreed to start debating. After that comes a 60-vote threshold, reconciliation with the Senate Agriculture and House versions, and a signature. Few expect all of it to happen this year.

None of that changes the underlying position. XRP’s commodity status is real and it can be undone, and if the statute stalls in September, it stays that way.

Trading XRP with PrimeXBT

For traders, the September vote is less about whether XRP suddenly becomes a commodity and more about how the market reacts to the next step in US regulation. A procedural win, a delay, or an unexpected setback could all create volatility around an asset already approaching technically important levels.

PrimeXBT, a global multi-asset broker and crypto assets service provider, gives traders a way to act on those moves through Crypto Futures on PXTrader 2.0, with the flexibility to go long or short depending on their market view.

PrimeXBT offers over 170 Crypto Futures, with competitive trading costs including a 0.01% maker fee and taker fees from 0.045%, which can fall as low as 0.015% with VIP Tiers program for high-volume traders. For market analysis and execution, PXTrader 2.0 combines TradingView-powered charts with a real-time order book, giving traders greater visibility into price action and market depth. Risk management is built directly into the trading experience, with adjustable leverage, Stop Loss and Take Profit controls, liquidation price preview, and a choice between cross and isolated margin, giving traders more control over their exposure as market conditions change.

Traders can deposit, withdraw and exchange crypto directly with PrimeXBT, or use their crypto as trading capital to explore opportunities across other markets, including CFDs.

As we approach September, XRP is one to watch closely, with upcoming developments potentially bringing new market moves and trading opportunities.

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About PrimeXBT

PrimeXBT is a global multi-asset broker and crypto asset service provider trusted by traders in more than 150 countries. The platform bridges traditional and digital markets within one integrated environment, redefining versatility and innovation in online trading. Clients can access Forex, CFDs on indices, commodities, shares, crypto, and Crypto Futures, as well as buy, store and exchange cryptocurrencies. This unified experience extends across both the native PXTrader 2.0 platform and MetaTrader 5, supported by advanced risk-management tools and a wide range of funding options in crypto, fiat and local payment methods. Since 2018, PrimeXBT has focused on empowering traders through broad multi-asset access, fair and transparent conditions, professional-grade technology and dedicated human support. By combining expertise, trust and a client-first approach, PrimeXBT sets a benchmark of excellence in the financial industry and provides traders with the tools they need to trade, grow and succeed with confidence.

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