XRP Price Crashes After Senate Fails to Advance CLARITY Act

XRP's price plummeted to $1.29 after the U.S. Senate failed to advance the CLARITY Act, which aimed to establish federal digital-asset market rules.

The bill needed 60 votes for cloture on its motion to proceed but received only 49, with 50 senators opposed, according to the Associated Press.

XRP was trading at $1.2916 at 5:07 p.m. Eastern and had given back most of its pre-vote rally, which peaked at $1.4593 on Coinbase.

The token's price dropped by 10.5% from its daily open on Coinbase and 7.7% from the $1.40 area it occupied before the vote.