Senate Blocks CLARITY Act, Triggering $592M in Crypto ETF Outflows

The U.S. Senate's procedural vote on the CLARITY Act failed to reach the required 60 votes, falling short by 11 votes in a 49-50 decision.

This failure led to significant outflows from Bitcoin and Ethereum spot exchange-traded funds (ETFs), with a combined $592 million exiting the market on September 15.

BTC products lost $450.33 million, their deepest single-day outflow since June 25, while ETH funds gave up $141.47 million, their largest daily loss since January 30.

Ripple CEO Brad Garlinghouse expressed disappointment over the vote's outcome, stating that it 'stings' after industry teams worked to pass the bill.