CLARITY Act Stalls in Senate, Cryptocurrency Market Takes Hit

The U.S. Senate failed to advance the CLARITY Act on Tuesday, dealing a significant blow to the cryptocurrency industry's push for comprehensive market structure legislation.

The crucial procedural vote fell short with 49 votes in favor and 50 against, meaning the bill did not meet the required 60-vote threshold to move forward.

This setback added more pressure to an already weak cryptocurrency market. Bitcoin (BTC) is currently trading near $76,000, down roughly 3.7% over the past 24 hours. XRP has suffered an even steeper decline, plunging more than 7% to around $1.30.

Shiba Inu's price also dropped by about 3.7%, with SHIB changing hands at roughly $0.00000513 on the day.