Clarity Act Failure Puts Crypto Markets Under Pressure
The Digital Asset Market Clarity Act failed to pass in the US Senate on Tuesday, putting pressure on crypto markets. The legislation, which had been years in the making, required 60 votes to advance but ultimately fell short.
Despite over 600 pages of compromise language, negotiations between lawmakers proved difficult to resolve, particularly regarding restrictions on senior government officials maintaining ties to crypto businesses.
Bitcoin reacted negatively to the news, falling as much as 4.9% from Monday's high of nearly $80,000 before settling at around $75,960, down 3.8% over 24 hours.
Rising oil prices added to inflation concerns ahead of the Federal Reserve's interest-rate decision on Wednesday, which is expected to see a quarter-point rate increase according to the CME Group's FedWatch tool.