Senate rejects Clarity Act as crypto market slides after failed vote

The US Senate failed to advance the Digital Asset Market Clarity Act on Tuesday after the legislation fell short of the 60 votes required to clear a key procedural hurdle, dealing a major blow to the crypto industry’s push for comprehensive federal market structure legislation. More than 40 senators voted against advancing the legislation, according to the Senate floor webcast’s unofficial tally. The vote was on invoking cloture on the motion to proceed, meaning lawmakers were deciding whether to begin debate rather than voting on final passage. The failure leaves little time for lawmakers to revive the legislation before the November midterm elections and likely ends the Senate’s market structure push for 2026. Crypto markets moved lower following the vote. Bitcoin slipped toward $76,000, Ether fell below $2,400, Solana dropped below $97 and XRP fell toward $1.31 as traders reacted to the collapse of one of the industry’s most closely watched legislative efforts. The move extended a reversal that began Tuesday morning after optimism surrounding the bill had briefly pushed crypto markets higher at the start of the week. Senate Republicans released a revised version of the Clarity A...