Bitcoin Plunges 5% After CLARITY Act Fails in Senate, Biggest Drop Since June

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Selling swept across the cryptocurrency market after the U.S. Senate failed to advance the CLARITY Act, sending Bitcoin down more than 5% and Ether lower by more than 8%.

Bloomberg reported that Bitcoin extended its losses immediately after the CLARITY Act failed to clear a procedural vote in the Senate on September 15, falling as much as 5.3% intraday to $74,910. It later trimmed some of the decline and was trading around $75,400 on Binance's USDT market. Ether also fell more than 8% during the session. Both tokens posted their biggest intraday declines since June.

The bill received 49 votes in favor and 50 against, leaving it short of the 60 votes needed to clear the procedural hurdle. Democrats raised concerns including what they viewed as inadequate ethics provisions tied to U.S. President Donald Trump's business interests in the crypto industry.