Clarity Act Fails Senate Vote, Crypto Prices Drop
The U.S. Digital Asset Market Clarity Act failed to clear a Senate procedural vote on Tuesday, leading to a dip in Bitcoin and major crypto stocks.
Crypto-related stocks suffered even steeper losses, with some plummeting more than 10%, following the bill's defeat in a 49-50 vote.
Ripple CEO Brad Garlinghouse expressed disappointment at the result, calling for a serious review of why the bill failed to pass.
'This one stings,' said Garlinghouse on X. Wincent Senior Director Paul Howard noted that the vote is not a setback for the technology or direction of travel, but rather concerns about protecting market share among banking incumbents.
Crypto prices followed suit, with Bitcoin dropping 2.85% in the past 24 hours to trade at $75,756 as of 10:20 p.m. ET Tuesday.