Chainlink Hovers at Critical Support Amid Senate Rejection of Crypto Legislation

Chainlink (LINK) is trading near $10.88, hovering at a critical support zone between $10.85 and $10.90.

This comes after the US Senate rejected the Digital Asset Market CLARITY Act, which aimed to establish a comprehensive federal structure for digital assets.

The legislation's rejection has triggered declines across Bitcoin and cryptocurrency-focused equities, with major players including Coinbase and Circle experiencing downward pressure.

Wyoming's Stable Token Commission, however, has integrated Chainlink Proof of Reserve technology for its Frontier Stable Token (FRNT), enabling real-time onchain validation of the reserve assets supporting the government-issued digital token.