Bitcoin Price Crashes Below $75K as Clarity Act Fails in Senate Vote
The U.S. Senate's failure to pass the Digital Asset Market Clarity Act has sent shockwaves through the crypto market, causing Bitcoin's price to plummet below $75,000.
The bill, which aimed to provide clarity on digital assets and their regulation, fell short of the 60 votes needed to overcome a procedural hurdle in the Senate. Despite major changes aimed at winning bipartisan backing, lawmakers were unable to put aside their differences, with several Democrats voting against the revised bill.
Senate Republicans had secured President Donald Trump's support for stricter blind-trust rules covering his digital asset investments, but this was not enough to win over progressive Democrats like Elizabeth Warren, who called the updated provisions a 'weak fig leaf' that did not go far enough to address conflict-of-interest concerns.