# Fed Raises Rates for First Time Since July 2023 as CLARITY Vote Stalls

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/regulation/30124
Published: 2026-10-12T08:24:32.000Z
Updated: 2026-10-12T08:24:32.000Z
Section: Regulation

> The FOMC lifted its target range to 3.75%-4% in a unanimous vote, while the SEC and CFTC took narrower steps on tokenized assets and blockchain records.

The Federal Reserve raised its benchmark interest-rate range for the first time since July 2023, while a Senate vote stalled the Digital Asset Market CLARITY Act and federal agencies pursued narrower crypto-related actions.

The Federal Open Market Committee increased the federal funds target range by 25 basis points to 3.75%-4% on Sept. 16 at 2 p.m. ET (6 p.m. UTC). The vote was unanimous at 12-0.

“Inflation remains elevated,” the committee said, reaffirming its goal of returning inflation to 2%. The August Consumer Price Index rose 0.4% from the prior month, while annual headline inflation reached 3.4% and core inflation stood at 2.4%.

Higher interest rates increase the opportunity cost of holding non-yielding assets such as Bitcoin (BTC). The Treasury Department also increased the maximum size of liquidity-support buybacks for longer-dated nominal coupon securities from $2 billion to at least $4 billion per operation beginning Sept. 9.

Congress did not advance the market-structure bill. The Senate rejected cloture on a motion to proceed to H.R. 3633, the Digital Asset Market CLARITY Act, by a 49-50 vote on Sept. 15. Senator Thom Tillis later moved to reconsider the vote.

“Congress was unsuccessful in advancing the CLARITY Act,” SEC Chair Paul S. Atkins said.

The Securities and Exchange Commission approved a temporary, conditional exemption on Sept. 17 for limited trading of tokenized national market system stocks on certain onchain venues. The action addressed a specific trading activity rather than establishing broad crypto market-structure rules.

The Commodity Futures Trading Commission updated its crypto-related frequently asked questions on Sept. 24. The guidance covered tokenized permitted investments and blockchain-based recordkeeping.

“I’m pleased to see staff update these frequently asked questions consistent with the agency’s ongoing efforts to provide regulatory clarity for the crypto industry,” CFTC Chairman Michael S. Selig said.

The Fed’s September decision and the Senate’s CLARITY vote add to a mixed U.S. policy backdrop for digital assets, combining tighter monetary policy with incremental agency actions and no movement on the broader market-structure bill.