Senate Rejection Triggers Crypto Liquidations Totalling $570 Million

The U.S. Senate rejected the Clarity Act, a bill aimed at establishing a comprehensive regulatory framework for crypto assets, in a procedural vote on September 16.

This triggered $571 million in long liquidations in futures markets over the past 24 hours, with Bitcoin (BTC) and Ether (ETH) experiencing the largest losses at around $190 million each.

The Senate's decision fell short of the 60-vote threshold needed to advance the bill, which will now shift to independent rulemaking by the White House, CFTC, and SEC.