Senate Rejects CLARITY Act, Bitcoin Plummets Below $75K
Bitcoin's price dropped below $75,000 after the U.S. Senate narrowly failed to advance the CLARITY Act, a bill aimed at establishing clearer federal rules for the $2.3 trillion crypto market.
The vote was 49-50, short of the 60 needed, reflecting political disagreements over ethics provisions.
This setback casts doubt on comprehensive crypto regulation in the near term, especially with midterm elections approaching.