Crypto
XRP Plunges 10% as Clarity Act Fails in Senate Vote
The failure of the Clarity Act in the US Senate sent shockwaves through the crypto market on Wednesday, causing XRP to plummet by nearly 10% to $1.30.
The bill, which aimed to bring regulatory structure to the crypto industry, needed 60 votes to move forward but ultimately fell short with a 49-50 vote in its favor.
The provision that killed the bill was ethics language meant to prevent senior government officials from holding crypto business interests while in office.
Ripple CEO Brad Garlinghouse expressed his disappointment, stating that the setback 'stings' and calling it a missed opportunity for American consumers and the digital asset industry.