Crypto
US Senate Blocks CLARITY Act, Leaving Crypto Regulation in Limbo
The US Senate blocked the landmark crypto bill known as the CLARITY Act on Tuesday and Wednesday, sparking market volatility. The bill aimed to divide supervision of digital assets between the US Commodity Futures Trading Commission and the Securities and Exchange Commission.
Despite efforts from both parties, the bill fell short by 11 votes, with a total of 49 in favor and 50 against. This setback means clearer rules for the crypto industry will have to wait until next year.
BTC (Bitcoin) dropped nearly 34% over the past 24 hours to below $76,000, while HYPE, the token behind Hyperliquid, fell about 4% to below $78.