Senate Blockage Crushes Crypto Market Expectations

The price of Bitcoin dropped significantly after the Senate blocked the Clarity Act, a landmark digital asset market structure bill.

The bill aimed to formally divide oversight between regulators and distinguish which digital assets are securities, commodities or stablecoins.

Major companies in the digital asset space have long called for clear rules to be put in place to regulate the industry.

Lawmakers blocked the bill in a procedural vote on Tuesday, with 49 senators voting in favor and 50 against advancing the legislation.