Coinbase Stock Plummets 9% After Senate Fails to Advance CLARITY Act

Coinbase stock plummeted by 9% after the U.S. Senate failed to advance the CLARITY Act in Tuesday's procedural vote.

The proposed regulatory framework for digital assets was seen as a crucial step towards clearer rules, but its defeat has left crypto companies uncertain about their future.

Crypto markets also felt the impact of the setback, with Bitcoin dipping 4% to $75,908 and stablecoin issuer Circle's stock falling around 9%.