US Crypto Market Plunges as Clarity Act Fails Vote
The US crypto market has been sent into turmoil after senators voted down the Clarity Act, which aimed to bring regulation to the industry. The bill failed a closure vote with 49-50 votes in favor of defeat, amid concerns from Democrats that it would have led to further enrichment of the Trump administration.
The banking industry had also expressed opposition to the bill, warning lawmakers that its provisions would cause customers to move their money out of traditional bank accounts and into digital ones. This warning proved prophetic as Bitcoin's price plummeted to an intraday low of $74,967.97 on September 15.
The price drop was not isolated, with shares in Coinbase and Circle seeing double-digit percentage drops following the vote. The failure to bring the US crypto market under one regulatory hood has left the country in a state of limbo, falling behind well-regulated markets in Europe and APAC.