Crypto
US Senate Abandons Crypto Market Framework Bill
US Senate failed to advance the CLARITY Act, which aimed to establish a framework for the crypto market. The bill sought to clarify the boundaries of authority between the SEC and CFTC, and create more open rules for digital assets.
Ripple's XRP price dropped as the news broke, falling to $1.38. However, Ripple still holds approximately 1.1 billion tokens in its US-based ETFs.
The CLARITY Act aimed to provide clarity on regulatory issues affecting the crypto market, particularly in regards to digital assets. The proposed bill's failure leaves many questions unanswered for the industry as a whole.