Senate Blocks Crypto Bill, Sends Stocks into Free Fall

Bitcoin and cryptocurrency-related stocks plummeted Tuesday after the US Senate failed to advance comprehensive cryptocurrency legislation, dealing a significant blow to digital asset companies.

The setback occurred despite efforts by Republicans to promote the bill, which aimed to establish a broader regulatory framework for the industry in the United States.

Shares of major crypto-focused companies including Coinbase and Circle Internet Group declined sharply following the vote, with each down about 9%. Bitcoin's price also took a hit, dropping approximately 4% to $75,908 as of Tuesday.