Bitcoin and crypto stocks slip as Clarity Act fails to advance in Senate (updated)

Bitcoin (BTC) fell to $75,560, its lowest September level, due to uncertainty around the US Senate's CLARITY Act vote and rising global bond yields. Analysts expect central banks to raise interest rates, which typically pressures crypto markets. The CLARITY Act's passage is seen as unlikely, with Polymarket giving it a 14% chance. Bond yields in major economies hit multidecade highs, with the US 10-year yield reaching 5.041%.

The US Senate failed to advance the CLARITY Act, which would have established a regulatory framework for digital assets. The bill received 49 votes in favor and 50 against, falling short of the 60 votes needed. The setback leaves the future of crypto regulation uncertain, with Bitcoin briefly falling below $75,000 following the vote.

The U.S. Senate blocked the Clarity Act, a bill aimed at establishing a regulatory framework for the crypto industry. The vote failed 50-49, falling short of the 60 votes needed. Bitcoin, Coinbase, and Circle prices declined amid the news. The bill would have divided oversight between the SEC and CFTC, setting registration requirements and anti-money laundering protections.

Bitcoin (BTC) dropped 3% to $76,000 as hopes for the CLARITY Act's passage diminished. Republicans opposed a Democratic offer, reducing the bill's chances. Investors fear delays in regulatory clarity. Coinbase's policy chief highlighted the bill's importance for crypto development. Bitcoin's recent rally was partly driven by Treasury interventions and gold price movements, but gains were offset by rising oil prices and Fed rate hike expectations.

The U.S. Senate failed to advance the Digital Asset Market Clarity Act, with 50 senators voting against it. Bitcoin (BTC) dropped around 3.2% to near $75,800. The Digital Chamber called it a setback but vowed to continue pushing for the bill's passage.

Bitcoin (BTC-USD) dropped 4% to $76,000 as the CLARITY Act's passage this year became unlikely, with Polymarket giving it a 5% chance. The Fed's rate decision also weighed on the market. Coinbase's Faryar Shirzad highlighted the bill's importance for regulatory clarity. Bitcoin had rallied 25% last month but faced pressure from rising oil prices and Fed rate hike expectations.