Crypto Stocks Plummet as Regulation Bill Fails Senate Vote
The crypto market saw a downturn on Tuesday after a Senate vote failed to advance the Clarity Act, which aimed to establish clear regulation for the industry. The bill, backed by President Trump, needed 60 supporters but fell short by 10 votes. As a result, Coinbase Global Inc Ordinary Shares (NASDAQ:COIN) and Circle Internet Group Inc Ordinary Shares (NYSE:CRCL) shed around 10% each. Bitcoin also suffered a 4% slide, dragging IREN Ltd (NASDAQ:IREN) and BitMine Immersion Technologies Inc (NYSE:BMNR) into the red.
Other tech stocks on the ii platform saw significant price movements as well. SK Hynix Inc ADR (NASDAQ:SKHY) jumped two places to ninth spot after a report suggested it was in talks with Intel to manufacture memory chips in the US. However, shares later pared gains after the company stated no specific plans were confirmed.
The AI sector also saw significant price fluctuations as leading companies like NVIDIA Corp (NASDAQ:NVDA), Advanced Micro Devices Inc (NASDAQ:AMD), and Micron Technology Inc (NASDAQ:MU) fell sharply on Monday. This comes amid concerns about the rapidly advancing capabilities of AI models, with some experts calling for a slowdown to ensure safety measures catch up.