Crypto Prices Tumble After Senate Fails to Pass CLARITY Act
The CLARITY Act's failure in the Senate sent shockwaves through the crypto market, with XRP, Ethereum, and Solana all feeling the pinch.
XRP took the biggest hit, falling about 7.98% to $1.29 after the Senate vote, which was short of the 60 votes needed for cloture. This was not a surprise, as the CLARITY Act had been seen as crucial in solidifying XRP's non-security status, which is currently based on regulatory interpretation.
Ethereum also declined significantly, falling about 6% to around $2,450. The uncertainty surrounding Ethereum's staking, DeFi, and tokenized assets was a major concern for investors, who were hoping the CLARITY Act would provide clearer rules and guidelines.
Solana had less exposure to the bill, as its institutional access was already developing through ETF-related products under the SEC's generic listing standards. However, Solana still fell about 3.67% to around $101.