Senate Rejects Clarity Act, Crypto Stocks Plummet

Crypto stocks took a hit after the US Senate rejected the Clarity Act, a bill aimed at clarifying tax laws for digital assets. Coinbase was among the hardest-hit stocks, plummeting nearly 9% in response to the news.

The rejection of the Clarity Act has created uncertainty for investors and companies operating in the cryptocurrency space. The bill's supporters had argued that it would provide much-needed clarity on tax laws, which have been a major source of confusion for digital asset holders.