Clarity Act failure causes crypto turmoil in US
A US vote on crypto regulation under the Clarity Act was voted down by senators, leading to a bitcoin price crash and a depression in the share price of crypto stocks such as Coinbase and Circle.
The US Senate has voted down the Clarity Act, a bill aimed at creating a federal regulatory framework for digital assets. The vote failed 49-50, falling short of the 60 votes required to advance the bill, according to Live Mint. Four Republican senators joined Democrats in voting against it.
The bill's failure has led to a decline in Bitcoin's price and increased volatility in the crypto market, as investors reacted to the regulatory uncertainty. The price of bitcoin crashed and the share price of crypto stocks such as Coinbase and Circle depressed, Finextra reported.
Millions of dollars' worth of bullish crypto futures bets have been liquidated in 24 hours, with bitcoin and ether longs taking the most losses, CoinDesk said. The defeat of the Clarity Act leaves listed crypto companies facing an extended period of regulatory uncertainty, Investing.com noted.
Brief written by urgent.news from Finextra, Live Mint, CoinDesk, Investing.com — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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- Senate fails to advance Clarity Act, a sweeping crypto bill cbsnews.com
- Clarity Act collapse causes crypto turmoil in US finextra.com
- Crypto longs worth $570 million wiped out as Clarity Act fails coindesk.com
- Crypto’s big bet fails as US senate sinks Clarity Act techcentral.co.za
