Senate Rejects Clarity Act, Crypto Prices Plummet Amid Rising Interest Rates

The US Senate failed to pass the Clarity Act, a landmark digital asset market structure bill that would have given the Commodity Futures Trading Commission primary authority to regulate the industry.

The bill's defeat led to a significant decline in cryptocurrency prices, with Bitcoin dropping as much as 5.3% to $74,910 and Ether falling more than 8% at one point.

This development adds to the growing anxiety in markets over rising interest rates and tightening liquidity.