Crypto’s push Into Wall Street suffers setback after bill fails
CRYPTOCURRENCY’S long march into mainstream finance took a step backward on Tuesday (Sep 15) when the US Senate failed to advance the...
The US Senate's failure to advance the Clarity Act on Tuesday (Sep 15) has dealt a setback to crypto's push into mainstream finance. The Clarity Act would have provided clearer legal parameters governing the industry and a defined pathway for companies to invest, expand or strike deals in the US. Coinbase's stock fell 10%, Circle Internet Group's declined 11%, and Bitcoin dropped as much as 5.3% to below US$75,000 after the bill's failure in a procedural vote.
Despite efforts by Republicans to modify the bill to attract Democratic votes, key Democrats opposed it. The defeat may have contributed to crypto's broader malaise, with the euphoria around artificial intelligence diverting retail attention and tighter liquidity and risk aversion prolonging the bear market. Clarity's passage would have given market participants more stability, but the Securities and Exchange Commission and the Commodity Futures Trading Commission will now have greater influence.
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