Senate Fails to Advance CLARITY Act, Cryptocurrency Market Suffers
The cryptocurrency market took a hit on Tuesday after the US Senate failed to advance the CLARITY Act, which aimed to bring comprehensive legislation to the industry.
The bill's defeat, with a vote of 49-50, means that it fell short of the required 60 votes needed to invoke cloture and proceed to H.R. 3633.
BTC, XRP, and SHIB were among the hardest hit, with Bitcoin trading at around $76,000 (down 3.7% in 24 hours), XRP plummeting over 7% to $1.30, and Shiba Inu dropping 3.7% to $0.00000513.
The defeat added pressure to an already weak market, with Ethereum, Solana, and other major cryptocurrencies also experiencing losses.
In a surprising move, several prominent Democrats who had previously participated in bipartisan negotiations voted against advancing the bill, including Kirsten Gillibrand, Mark Warner, Cory Booker, Raphael Warnock, Ruben Gallego, Angela Alsobrooks, and Catherine Cortez Masto. Lisa Blunt Rochester also voted no, citing concerns about investor protection, market integrity, illicit finance, and financial stability.