Bitcoin ETFs shed $450 million as Clarity Act fails
U.S. spot bitcoin ETFs shed $450 million, the most since June, as the Senate's failure to advance the Clarity Act sent regulatory-sensitive tokens sharply lower.
US spot bitcoin ETFs lost $450 million, the largest amount since June, after the Senate failed to advance the Clarity Act. According to CoinDesk, this led to a sharp decline in regulatory-sensitive tokens.
The Clarity Act fell short of the necessary 60 votes in the Senate. As reported by Cointelegraph, four Republican senators and Democratic senators voted against the measure. Senator Elizabeth Warren, a Democrat, argued that the bill would allow certain individuals to profit from cryptocurrency while working-class families face economic challenges.
The failure of the Clarity Act led to a decline in bitcoin demand in the US, with Coinbase Premium dropping to a one-month low. As per Cointelegraph, a negative Coinbase Premium indicates lower demand from Coinbase traders compared to Binance users.
Brief written by urgent.news from CoinDesk, Cointelegraph, Expansion ES — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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