U.S. Senate Rejects Clarity Act in Bipartisan Vote

The U.S. Senate failed to pass the Clarity Act, a cryptocurrency market structure bill, which sent Bitcoin (BTC), XRP and Shiba Inu (SHIB) plummeting in value.

The bill, H.R. 3633, needed 60 votes to move forward but only received 49 votes in favor, falling short of the required number.

The market reaction was swift, with Bitcoin trading around $76,000, down about 3.7 percent over 24 hours, XRP sliding more than 7 percent to around $1.30, and Shiba Inu falling about 3.7 percent to about $0.00000513.

The failure of the bill was attributed to Democratic senators who had initially supported it but ultimately voted against its advancement due to concerns over ethics, consumer protection, and market integrity.