Crypto's Clarity Act Fails to Clear Senate Vote
Crypto's push into mainstream finance suffered a setback on September 15 when the Senate failed to advance the Clarity Act, a bill that aimed to provide clarity and regulations for the industry.
The failure of the bill denied the crypto industry a chance to turn its newfound influence in Washington into fresh rules that could outlast the current administration.
Coinbase Global Inc closed 10% lower, while stablecoin issuer Circle Internet Group Inc declined more than 11%. Bitcoin dropped as much as 5.3% to below $75,000 after the bill failed in a procedural vote.
Austin Campbell, a crypto expert and former banker, said that the failure puts the ball in the hands of regulators, who can make rules but those are less stable and permanent than legislation.