The market reacted immediately. Bitcoin dropped from around US$77,200 to US$75,600, a decline of nearly 4%, and spot Bitcoin ETFs recorded a single-day outflow of US$450.33 million, the largest since June 25, 2026.
However, there is one thing often misinterpreted about this event, and it is the core of this article: the failure of the CLARITY Act does not stop the path for crypto ETFs. These two things operate on different tracks, and this article will explain why, then discuss which ETFs already exist and which have potential in 2026, with a focus on assets you can actually buy on Mobee.
What Is the CLARITY Act?
The CLARITY Act, officially numbered H.R. 3633, is a bill that would have become the first legal framework for digital assets in the United States.
Its core content boils down to one thing: dividing regulatory authority. The SEC would oversee digital assets classified as securities, while the CFTC would oversee digital assets classified as commodities along with their derivative products, including rules for spot exchanges and dealers.
Why is this division important? Because for a long time, many crypto assets have existed in a gray area. It is unclear whether a token is a security overseen by the SEC or a commodity overseen by the CFTC, and that ambiguity forces token issuers, exchanges, and institutional investors to operate with incalculable legal risks.
The journey of this bill has actually been quite long:
- July 17, 2025: passed the U.S. House of Representatives with 294 votes in favor and 134 against, a wide margin.
- May 14, 2026: an amended version was approved by the Senate Banking Committee with 15 votes in favor and 9 against. Ruben Gallego was the only Democrat to support it at this stage.
- September 15, 2026: failed a cloture vote in the Senate.
The regulatory framework for crypto assets in Indonesia is governed separately and is not dependent on this bill. The explanation can be found in crypto legality.
Why Did the CLARITY Act Fail?
This is the most misunderstood part. Its failure wasn't due to the bill's content being rejected, but rather the vote count in the Senate.
A cloture vote requires 60 votes, while the Republican Party only holds 53 seats. This means at least seven Democrats had to support it.
The exact opposite happened:
- Republicans: 49 in favor, 4 opposed. Those who opposed it were Collins, Hawley, Moran, and Tillis.
- Democrats: zero votes in favor. Every Democrat present voted against it.
- Chris Coons from Delaware was absent.
Most interestingly, the seven Democratic senators who had been actively negotiating the bill's text for weeks all voted against it: Gillibrand, Warner, Booker, Warnock, Gallego, Alsobrooks, and Cortez Masto. This is despite Gallego being the only Democrat to support it during the committee stage in May 2026.
One important procedural note. Senator Tillis from the Republican Party changed his vote to oppose it, not because he disagreed with the content, but as a tactic: only a senator on the winning side of a vote has the right to request a reconsideration. Tillis filed a motion to reconsider at 3:01 PM New York time, one minute after the results were announced. This means the bill is technically not officially dead yet.
Direct Impact on Bitcoin
Here is what happened to the price and fund flows.
Price. Bitcoin fell from around US$77,200 to US$75,600 after the voting results were announced, a decline of nearly 4%. On September 16, 2026, Bitcoin was at US$75,729.55, down 2.9% in 24 hours and 3.7% over the week.
ETF fund flows. This is a more significant signal than price, as it reveals the behavior of institutional investors:
Bitcoin ETF trading volume that day reached US$4.35 billion, well above the 30-day average of US$2.74 billion. Such high volume on a down day indicates that many positions were changing hands, rather than just a price slide due to a lack of interest.
Crypto-related stocks fell further than Bitcoin. Coinbase shares dropped about 8% and Circle Internet Group about 11%. This pattern is expected: companies whose revenue depends on US regulatory clarity bear regulatory risk more directly than the assets themselves.
The odds of the bill passing in 2026 fell below 20% on prediction markets, down from the previous range of high 20s to mid-30s.
Something to underscore, and this is important. A single-day outflow of US$592 million sounds large, but throughout September, Bitcoin ETFs still recorded a net inflow of US$17.1 million and Ethereum ETFs US$307.4 million. One bad day has not reversed the monthly trend. What needs to be monitored is whether these outflows continue in the coming days.
Why Did Bitcoin Fall Less Than Altcoins?
This is a pattern worth understanding because it will repeat whenever there is a regulatory event.
On the same day, here is the order of decline 24 hours after the failure of the CLARITY Act:
This order is no coincidence. It is more or less aligned with how much an asset requires legal classification clarity in the United States.
Bitcoin's status as a commodity is relatively undisputed by both the SEC and the CFTC. Therefore, the failure of the CLARITY Act does not change Bitcoin's legal standing. Bitcoin fell due to overall market sentiment, not because its status was left hanging.
Altcoins are in a different position. XRP was hit the hardest because it had actually risen 5.6% the day before when the odds of the bill passing had increased. Assets that rise on news also fall on that same news. How to separate sector movements from asset movements is discussed in how to analyze crypto.
What Happens Next?
There are three possible paths, and it is important to distinguish which ones are realistic.
The first path: a second cloture vote. The motion to reconsider from Tillis opens this possibility. However, procedural room is not the same as additional votes. A second vote still requires 60 votes from the exact same Senate composition, and the seven Democrats who opposed it have shown no signs of changing their stance. To activate this path, cloture must be refiled.
The second path: the lame-duck session after the midterms. The November 2026 midterm elections make building a new coalition before then nearly impossible. The next attempt will likely only occur during the lame-duck session following the elections.
The third path: the bill is effectively finished for 2026 and will be restarted in the next Congress.
For readers in Indonesia, what needs to be understood is this: none of these three paths change the rules currently in effect. What is being delayed is additional clarity, not existing legality.
Crypto ETFs: Why the Path Isn't Blocked by the CLARITY Act
Now for the part that is most often misinterpreted.
Many assume that new crypto ETFs can only develop if the CLARITY Act passes. In fact, that is not the case. The proof is simple: Solana, XRP, Dogecoin, and Chainlink ETFs have already launched in the United States without the CLARITY Act.
The reason is the generic listing standards approved by the SEC in September 2025. This rule cut the review time for ETF filings from months to as little as approximately 75 days and removed the barriers that previously held back ETFs for assets other than Bitcoin and Ethereum.
So there are two distinct paths:
- Legislative path through Congress, namely the CLARITY Act. This is the one that is stalled.
- Regulatory path through the SEC, namely generic listing standards. This is the one that is already underway.
Understanding this distinction is important so you don't conclude that a single failed vote halts all progress on institutional products.
Existing Crypto ETFs, and Their Assets Are on Mobee
Six assets that you can trade on Mobee already have spot ETFs in the United States. To be clear: what is traded on Mobee is the asset itself, not the ETF units.
1. Bitcoin (BTC)
2. Ethereum (ETH)
3. Solana (SOL)
4. XRP
5. Dogecoin (DOGE)
6. Chainlink (LINK)
A point to emphasize regarding scale. As of September 15, 2026, the total assets under management for all altcoin ETFs were approximately US$3.55 billion. Compare this to IBIT alone, which often exceeds US$50 billion. So, "altcoin ETFs exist" is not the same as "altcoin ETFs are large." Some of those products even recorded zero activity on September 15, with only six altcoin funds showing movement.
Potential 2026 ETFs, Assets Available on Mobee
Two assets on Mobee are still in the ETF queue, and both are worth monitoring for the remainder of 2026.
Hyperliquid (HYPE)
Bitwise has filed for a Hyperliquid ETF to be traded on the NYSE Arca under the ticker BHYP with an annual management fee of 0.67%. The product design is compelling: the fund will stake the majority of its HYPE holdings, while maintaining a 30% liquidity reserve for redemption needs. Bitwise is at the forefront of the review process, while 21Shares and Grayscale have also filed for similar products. In Europe, Bitwise has already listed a Hyperliquid Staking ETP on the Deutsche Boerse Xetra.
Indicating that HYPE products are already active: on September 15, 2026, the Hyperliquid fund recorded an outflow of US$3.89 million, the only altcoin fund to record an outflow that day.
TRON (TRX)
Canary Capital has filed for a TRX ETF with staking, and its review schedule extends into 2026. This places TRX in the group of assets that have an ETF path but have not yet reached the finish line.
For context, several other assets currently in the US ETF queue include Cardano, Polkadot, Sei, and Avalanche. These four are not currently available for trading on Mobee, so they are not discussed further in this article.
Several ETFs You Can Buy Directly on Mobee
This section is different from all the above, and often overlooked.
For the previous six assets, what you buy on Mobee is the asset itself, not the ETF units. However, there are three traditional ETFs whose units have been tokenized by Ondo Finance and can be purchased directly with rupiah on Mobee.
This is what makes these three interesting: they are not crypto assets that follow the crypto market, but rather exposure to the Japanese stock market, the South Korean stock market, and oil prices, which can be purchased with rupiah without needing to open an overseas brokerage account or convert to dollars first.
The practical consequence: on days when the crypto market drops sharply, such as September 15 and 16, these types of assets have a different correlation. For illustration, on September 16, when Bitcoin fell 2.9%, EWJ rose 0.08%, EWY remained flat, and USO rose 1.14%.
The mechanics of real-world asset tokenization are discussed in Ondo Finance, and specifically for the oil ETF, there is USOon. To understand the difference between holding tokens and holding the underlying instruments, these two articles are essential reading first: how xStocks works and US stock tokens vs. regular stocks.
Key takeaways. Holding a tokenized version is not the same as holding ETF units in a brokerage account. There are differences in rights, structure, and issuer risk. Read the two articles above before deciding.
Available on Mobee: EWJ, EWY, USO, QQQ, SOXX, SLV, URA, COPX, and PALL. All have been checked and confirmed to be available.
What to Watch
First, whether ETF outflows will continue. The US$592 million outflow on September 15 was a single-day event. September as a whole remains positive for Bitcoin and Ethereum. This week's fund flow data, due at the end of the week, will show whether institutions are truly reducing exposure or just reacting momentarily.
Second, whether the second cloture vote will actually take place. The space was opened by a motion to reconsider, but the threshold remains 60 votes with the same Senate composition.
Third, will the HYPE and TRX ETFs reach the finish line? Both assets are available on Mobee, so their developments are directly relevant to Indonesian readers.
Fourth, the Fed's interest rate decision. Regulatory events are not the only drivers. How central bank policies work is discussed in the main functions of a central bank.
Start Investing on Mobee
All assets discussed in this article are available for trading on Mobee using rupiah, with no need to convert to dollars first: Bitcoin, Ethereum, Solana, XRP, Dogecoin, Chainlink, Hyperliquid, TRON, as well as three tokenized ETFs: EWJ, EWY, USO, QQQ, SOXX, SLV, URA, COPX, and PALL.
Mobee is a Digital Financial Asset Trader registered and supervised by the OJK, operating under the legal entity PT CTXG Indonesia Berkarya. You can check the list of supervised providers at crypto exchanges supervised by the OJK.
Here are some features you can take advantage of:
- Buy in small fractions. This includes tokenized ETFs, so you don't need a large amount of capital to gain exposure to the Japanese, Korean, or oil markets.
- Spot Grid for volatile markets. The Spot Grid feature allows for automated buy and sell orders within a price range you define, which is useful during weeks full of regulatory events like this one.
- Convenient IDR deposits via QRIS, bank transfer, or virtual account, with guides available at Mobee Tutorial.
Before you begin, first understand the allocation framework through beginner crypto portfolios and several basic crypto trading tips .
Disclaimer. All information in this article is for informational and educational purposes only and does not constitute investment advice. Mentions of ETF products in this article are intended to explain market developments, not as a solicitation to purchase such products, and ETF units on United States exchanges are not traded on Mobee. Tokenized assets have different structures, rights, and risks compared to their underlying instruments. The status of ETF filings may change at any time based on regulatory decisions. All price data is point-in-time as of the article's drafting on September 16, 2026, and is subject to rapid change. Always conduct your own research and consider your risk tolerance before making any investment decisions.
