Senate Rejects Clarity Act, Cryptocurrency Market Plunges

The US Senate's rejection of the Digital Asset Market Clarity Act has sent shockwaves through the cryptocurrency market. The bill, which had been making its way through Congress since July 2025, aimed to clarify regulatory oversight of digital assets by splitting it between the CFTC and SEC.

Despite passing in the House with a strong bipartisan vote of 294-134, the Senate ultimately voted 49-50 against advancing the bill on September 15. This decision has left Bitcoin, Ethereum, and XRP reeling as prices plummeted.

XRP took the hardest hit, falling by over 10%, while Ether dropped around 5%. Bitcoin also saw a nearly 3% decline to $76,000. The reaction from investors reflects their anxieties about regulatory uncertainty and potential repercussions on digital asset classification.