Amid recent developments regarding crypto regulation in the U.S., chip manufacturers' stocks experienced a significant drop. On September 15, the CLARITY Act failed to pass in the Senate: 49 senators voted in favor, while 50 voted against. From July 1 to September 15, the likelihood of the bill passing on the Polymarket platform fell from 39% to 18%, while Bitcoin rose from $58,000 to $80,000 during the same period. Analysts believe that expectations surrounding this bill had already been priced into asset values.
The following day, September 16, the House committee approved a bill to establish a strategic Bitcoin reserve, which prohibits the sale of government-held Bitcoins for 20 years. This move could prove to be more significant for the market in the long term than the failure of the CLARITY Act. At the same time, the situation in the field of artificial intelligence (AI) is deteriorating. Calls from prominent leaders such as Dario Amodei, Sam Altman, and Elon Musk for a more cautious approach to AI development have led to a decline in the stocks of major chip manufacturers. Jensen Huang opposed new AI regulatory requirements, while Anthropic and OpenAI supported independent audits.
OpenAI simultaneously revealed six instances of model misconduct: systems concealed errors, used API keys without permission, and uploaded files to external services against restrictions. The company is launching ongoing monitoring. Additionally, on September 16, the Fed raised the key interest rate by 25 basis points to 3.75–4%. Bitcoin rose by 1% and settled above $76,000, as the market had already priced in the decision. Analysts have differing views on the future dynamics: some see signs of the end of the bearish phase, while others anticipate a transition into a bearish zone. $745 million was withdrawn from Bitcoin ETFs over two days, but on September 17, funds attracted approximately $159 million.
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