Crypto stocks sink after Senate rejects Clarity Act
Coinbase, Circle and Galaxy lead a broad crypto stock selloff after the U.S. Senate failed to advance a long-awaited market structure bill.
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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.
is down about 3% over the past 24 hours, briefly dipping close to $75,000. Traditional stocks, including the Nasdaq and S&P 500 were in the red as well.
