The market this morning

Clarity Act fails a key Senate vote as crypto stocks and majors sell off

By Crypto Info News

Good morning. The Clarity Act failed to clear the Senate's 60-vote procedural hurdle on Tuesday, according to CoinDesk, Decrypt and The Block. CoinDesk described the years-long effort to set U.S. crypto market rules as flaming out in the failed vote. The Block called it a spectacular failure of a procedural vote and asked whether crypto's biggest regulatory push is now dead. Decrypt reported the Senate fell short of the 60 votes needed to advance the bill.

Reporting differed on why. The Block tied the shortfall to an ethics fight over President Trump's crypto wealth. CoinDesk pointed to last-minute, behind-the-scenes disputes and wrote that there were "many conductors in the derailment." These accounts are not reconciled here.

Crypto-linked equities fell as the vote landed. Cointelegraph reported Circle and Coinbase shares fell about 10%, with Bitcoin miners and treasury companies also declining. CoinDesk reported Coinbase, Circle and Galaxy leading a broad crypto stock selloff.

Major tokens weakened over the last 24 hours. Bitcoin traded at $75,590.24, down 3.30%. Ether was at $2,397.50, down 4.66%. XRP fell hardest among the majors listed, down 9.83% to $1.28. The two large stablecoins held near their pegs: USDT at $0.9994 and USDC at $0.9997. Decrypt characterised Bitcoin's move as sliding as the no tally mounted while stopping well short of panic.

The political response began the same day. Decrypt reported that Stand With Crypto, a Coinbase-backed group, said it would add senators' votes to its scorecards and rally crypto voters ahead of November's midterms.

Two macro items sat alongside the vote. Decrypt reported that nearly every major bank now expects the Fed to raise rates for the first time in three years, and that markets have mostly priced it in. Cointelegraph reported a BIS paper finding a major gap in Bitcoin on-chain transfer estimates, with measurement challenges spanning Bitcoin, Ethereum and stablecoins.

What to watch: whether the bill is revived or abandoned, follow-through in crypto equities, and the Fed decision.