Bitcoin Price Falls as Clarity Act Blocked in Senate Vote

The price of Bitcoin dropped by 4% over the past day to $75,939 after lawmakers blocked the Clarity Act in a procedural vote.

The landmark digital asset market structure bill aimed to formally divide oversight between regulators and distinguish which digital assets are securities, commodities or stablecoins.

Major companies in the digital asset space have long called for clear rules to be put in place to regulate the industry.

Crypto-related stocks such as Coinbase (NASDAQ: COIN) and Strategy (MSTR) were also down, with America's biggest crypto exchange's stock dropping by more than 10% and Strategy, the largest corporate holder of bitcoin, sliding by over 5%.