Crypto Industry Sees Setback After Senate Fails to Advance Clarity Act

The US Senate's failure to advance the Clarity Act has dealt a setback to the cryptocurrency industry, which had been pushing for clearer regulations in Washington.

Crypto exchange Coinbase Global dropped 10% after the bill failed in a procedural vote, while stablecoin issuer Circle Internet Group fell more than 11%. Bitcoin, the largest cryptocurrency, also declined, dropping as much as 5.3% to below $75,000.

Austin Campbell, a crypto expert and former banker, noted that the failure of Clarity puts the ball in the hands of regulators, who can make rules but may not be able to provide permanent solutions.