Crypto stocks slide after CLARITY Act fails to advance in Senate
Crypto stocks sold off on Tuesday after the Senate failed to advance the CLARITY Act. Circle and Coinbase fell about 10%, while other crypto-related names also declined: American Bitcoin dropped around 8%, Strategy and Strive about 5%, and miners such as Riot Platforms, CleanSpark, Hut 8, and IREN were also down. The setback came when a cloture motion fell short of the 60 votes needed to move the bill forward. The CLARITY Act would define rules for the US digital asset market and clarify oversight between the CFTC and SEC. With fewer than 36 legislative days left this year, the bill’s chances of passing soon appear limited. Bitcoin briefly dipped below $75,000 before recovering to around $76,000. Coinbase CEO Brian Armstrong had strongly backed the bill ahead of the vote, while Michael Saylor responded that “the only clarity you need is Bitcoin.”
