Crypto Stocks Plummet as CLARITY Act Fails Senate Vote

Crypto-linked stocks plummeted on Tuesday after the US Senate failed to advance the CLARITY Act, which aimed to set rules for the digital asset market and delineate jurisdiction between regulatory bodies.

Shares of Circle and Coinbase dropped around 10%, while Bitcoin treasury companies such as American Bitcoin fell about 8%. Other affected companies include Strategy and Strive, both down by roughly 5% according to Yahoo Finance data.

Bitcoin miners also felt the impact, with Riot Platforms declining around 6%, CleanSpark nearly 5%, Hut 8 more than 4%, and IREN almost 4%.

Coinbase (COIN) shares fell 9.9% on Tuesday.