Senate Fails Crypto Bill, Bitcoin Plummets 4% to $75,908
The US Senate failed to advance comprehensive cryptocurrency legislation on Tuesday, sending shockwaves through the market.
The CLARITY Act aimed to establish clear federal oversight for digital assets but ultimately stalled due to disagreements over ethics restrictions and stablecoin reward provisions among other issues.
Crypto-related stocks took a hit as a result, with Coinbase and Circle Internet Group plummeting by around 9%, while Bitcoin fell approximately 4% to $75,908.