Senate Rejects CLARITY Act, Sending Bitcoin Price Below $76,000
The US Senate's failure to pass the Digital Asset Market CLARITY Act on September 15 has sent shockwaves through the crypto market, causing Bitcoin to plummet below $76,000. The bill, which aimed to create a uniform federal framework for regulating digital assets, fell short of the required 60 votes in a cloture vote of 49-50.
The Senate's rejection of the CLARITY Act has left the crypto industry reeling, with some traders weighing in on the implications. According to CoinGlass, over $300 million in liquidations were recorded within 20 minutes after the vote, with 24-hour liquidations surpassing $665 million.
The decline in Bitcoin's price is not solely attributed to the Senate's decision, as traders were already preparing for a Federal Reserve decision. The added pressure has led to increased near-term market and funding risk for CEXs, token launches, and fundraising efforts.