Crypto
Senate Rejects Clarity Act, Crypto Stocks Plunge
The stock market took a hit after the Senate failed to pass the Clarity Act, a bill aimed at establishing clearer U.S. market-structure rules for cryptocurrencies.
Bitcoin dropped 3%, while Coinbase and Circle shares slid 8% and 10% respectively amid the broader market sell-off.
The bill's failure leaves platforms like Coinbase and Robinhood facing prolonged legal and compliance uncertainty, which can weigh on their shares as institutional adoption depends on clearer rules.