XRP has moved into focus ahead of next week’s US policy calendar as traders track the September 15 CLARITY Act procedural vote and fresh XRP ETF activity. The crypto community is also watching the Federal Reserve meeting and Friday’s CPI report. Still, XRP discussions have increasingly centered on the CLARITY Act.
The legislation would create a broader framework for dividing crypto oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. For XRP, one major regulatory question has already received an answer. In March, the SEC identified XRP as a digital commodity alongside Bitcoin, Ether, Solana, Cardano, and other assets.
The agency said digital commodities mainly derive value from their networks and market supply and demand. This definition differs from assets tied to managerial profit expectations.
The September 15 Senate action will not decide final passage. Senators will vote on cloture on the motion to proceed to H.R. 3633. This step needs 60 votes and would allow the bill to move toward formal Senate consideration. A failed vote could sharply reduce its chances this year.
Could the procedural vote become the point that determines whether XRP gains a more durable federal regulatory framework? Current agency interpretations can change, while legislation is harder to reverse.
The bill would also create rules for digital commodity exchanges, brokers, and dealers. It would expand CFTC oversight of spot digital commodity markets. Political obstacles remain. The National Sheriffs’ Association recently dropped its opposition and moved to a neutral position, removing one law-enforcement hurdle.
Yet Semafor reported Monday that several Republican senators expect the legislation could fail. The report cited an unresolved ethics dispute involving government officials profiting from the industry.
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XRP ETFs also drew fresh attention on September 8 through institutional collateral arrangements and new investor inflows. A Charles Schwab Family of Funds filing listed eight XRP ETF collateral line items worth about $11.39 million. The entries involved Bitwise, Canary Capital, Franklin Templeton, and Grayscale products.
The disclosure did not show Schwab buying XRP ETFs or holding XRP directly. Instead, the ETF shares secured repurchase agreements involving Schwab Prime Advantage Money Fund and two Wall Street counterparties.
Schwab reported the collateral in a Form N-MFP3 filed with the SEC on September 8. The filing covered the fund’s portfolio as of August 31. The filing’s XML showed eight XRP ETF entries with a combined value near $11.39 million. Two Canary entries had matching share counts and values but belonged to separate JPMorgan agreements.
Separately, five XRP products tracked by SoSoValue recorded nearly $2 million in net inflows during Tuesday’s session. An earlier estimate of about $4.8 million counted only three collateral entries. This figure excluded five other XRP ETF line items in the same Schwab filing.
XRP enters next week with two developments in focus: the September 15 CLARITY Act cloture vote and expanding XRP ETF activity. The Senate vote could shape the bill’s path this year, while Schwab collateral disclosures and fresh ETF inflows show growing market use.