XRP Sinks 10%, Bitcoin Falls Toward $76,000 as CLARITY Act Fails in Senate

The crypto market took a hit on Wednesday after the CLARITY Act failed to advance in the Senate, leading to a broad sell-off across major cryptocurrencies. XRP suffered the largest decline among major tokens, plummeting nearly 10% to $1.30 as the token's price pressure increased amid regulatory uncertainty.

The failure of the CLARITY Act, which aimed to provide a clearer U.S. digital-asset framework, has added fresh pressure on the crypto industry, with many assets experiencing significant losses. Bitcoin fell toward $76,000, while Ethereum slipped toward $2,400, and Dogecoin posted a loss of around 5%.

The sell-off also extended to publicly traded crypto companies, with Coinbase shares falling nearly 9% to $174.42, and Circle declining more than 9% to $88.26. The Federal Reserve's decision on interest rates, which was expected to be a quarter-point increase, now becomes the next major event for markets.