Crypto stocks sink after Senate rejects Clarity Act
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Crypto stocks were a sea of red Tuesday afternoon after the Senate failed to advance the Clarity Act, dealing a major blow to an industry that has spent years — and hundreds of millions of dollars in campaign contributions — gunning for a comprehensive U.S. regulatory framework.
Key facts
Coinbase COIN $ 172.05
Market Closed was down nearly 9% at $174.42, while stablecoin issuer Circle CRCL $ 84.69
Market Closed dropped 9.4% to $88.26
Bitcoin BTC $75,935.69 is down about 3% over the past 24 hours, briefly dipping close to $75,000
Tokenized equities lead RWA inflows as the market recovers; Binance's bStocks hit ~$118.5M in two months, now #2 issuer and ~90% of on-chain equity DEX volume
The declines came after the Senate voted 49-50 on a procedural motion to advance the Digital Asset Market Clarity Act, well short of the 60 votes required
Summary
Crypto stocks sank Tuesday after the Senate failed to advance the Clarity Act, with Coinbase, Circle and Galaxy each falling more than 8%. The 49-50 Senate vote fell short of the 60 votes needed, dealing a setback to the crypto industry’s push for a federal market structure framework. Broader U.S. stocks also faced pressure ahead of Wednesday’s Federal Reserve decision, but the steeper declines in crypto-linked shares came as investors absorbed the Clarity setback. Coinbase COIN $ 172.05 · Market Closed was down nearly 9% at $174.42, while stablecoin issuer Circle CRCL $ 84.69 · Market Closed dropped 9.4% to $88.26.