Bitcoin Slumps as Senate Votes Looms on Clarity Act

Bitcoin took a hit on Tuesday, sliding to around $77,400 in European morning hours. This marks a decline of about 3% from its overnight high of $79,530 and over 1% for the week.

The Senate is set to vote on the Clarity Act, which aims to split oversight of digital assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The bill requires 60 votes to advance to debate.

Brian Vieten, senior research analyst at Siebert Financial, believes that the market's focus on whether the Clarity Act passes is misplaced. He argues that even if it fails, US firms would still be operating under the current SEC and CFTC approach, which could actually accelerate product launches and tokenization work.