Key Takeaways
Bitcoin and crypto-related stocks dropped after the U.S. Senate blocked the Clarity Act in a procedural vote.
According to Bitcoin Magazine, Bitcoin and crypto-related stocks tumbled after lawmakers blocked the digital asset market structure bill, known as the Clarity Act, in a procedural vote on Tuesday. The U.S. Senate voted 49 to 50 against advancing the legislation, which aims to divide regulatory oversight between securities, commodities, and stablecoins.
Following the vote, Bitcoin's price slid to $75,939, down 4% over a 24-hour period, after dropping as low as $75,038. Crypto-related stocks also declined. Coinbase shares dropped by more than 10%, while corporate bitcoin holder Strategy saw its stock slide by over 5%. Publicly traded bitcoin miners including MARA, CleanSpark, and Core Scientific fell by 5% or more.
President Donald Trump had urged lawmakers to pass the bill last month. However, lawmakers opposed the legislation over concerns regarding Trump and his family's crypto ventures. Senator Elizabeth Warren criticized the bill as a risk to families, and Senator Bernie Sanders characterized it as corrupt. Pro-crypto Senator Cynthia Lummis criticized Democrats for blocking the legislation. Bitcoin Magazine reported that the blockage likely kills the bill for 2026.
Source & Fact-Check Note
This report is synthesized from coverage by Bitcoin Magazine. Information has been fact-checked and structured for market clarity by CoinQuickly’s research desk.
Read original article at Bitcoin Magazine ↗
