Crypto Stocks Plunge as Senate Fails to Clear Clarity Act

Crypto stocks took a hit on September 15 after the U.S. Senate failed to clear a procedural step for the Clarity Act, a bill aimed at setting rules for the digital asset market.

The Senate's inability to secure the necessary 60 votes in a cloture vote sent shockwaves through the crypto industry, with shares of Coinbase and Circle plummeting by around 10 percent each.

Bitcoin miners were also affected, with companies like Riot Platforms, Cleanspark, Hut 8, and Iren falling by between 4-6 percent.

The Clarity Act's failure has left the regulatory framework for digital assets in limbo, with lawmakers facing a tight deadline to pass the bill before the November midterm elections.