Senate Rejects CLARITY Act, Crypto Markets Plummet
The US Senate failed to pass the Digital Asset Market Clarity Act on September 15, missing the required 60 votes by a narrow margin of 11. The cloture vote came in at 49-50, with one senator not participating in the tally.
BTC price plummeted below $76,000 following the news, dropping as much as 4.3% from an earlier level near $78,250. Other popular cryptocurrencies like Ethereum, XRP, and Solana also declined sharply, with XRP down more than 10% during the session.
The main sticking point in the bill was ethics provisions covering crypto holdings by federal officials, which Democrats argued were not stringent enough. The bill's failure has left regulators to assert that they can continue building digital asset frameworks under their existing authority without new legislation.