US Senate Fails to Pass Comprehensive Crypto Bill Amid Industry Blow

The US Senate failed to advance the Clarity Act, a comprehensive cryptocurrency bill backed by President Donald Trump. The vote fell short of the required 60 votes, with four Republican senators joining Democrats in opposition.

The bill aimed to create a regulatory framework for digital assets, which crypto companies say would provide clarity and stability. However, the opponents were not swayed by a new text released on Sunday night.

The Clarity Act's failure is a significant blow to the crypto industry, with Bitcoin falling more than 5% in value as the vote appeared to be on track to fail. Shares of Coinbase and Circle also declined, with some stocks losing up to 10% of their value.