Senate Rejects Motion on Crypto Regulation Bill, Bitcoin Hits Three-Week Low

The crypto market suffered from selling pressure on the 16th after the U.S. Senate rejected a motion to proceed on the Clarity Act, a bill aimed at establishing a comprehensive regulatory framework for the crypto asset market.

Bitcoin fell below $76,000 for the first time in roughly three weeks, while altcoins traded broadly weaker. As of 9:10 a.m. on the 16th, Bitcoin was trading at approximately ¥11.7 million (approximately $75,000) per BTC, down 2.7% over the past 24 hours.

The U.S. Senate held a procedural vote on the 15th to determine whether to begin debate on the Clarity Act, with the result coming in at 49 in favor, 50 opposed, and 1 abstention. The motion required 60 votes to proceed but fell far short.