Senate votes on crypto's Clarity Act as Bitcoin slides

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Bitcoin slides as the Senate votes on crypto's biggest bill, and the DOJ moves to seize $61 million tied to Iran's military. This is CoinDesk Daily.

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Bitcoin has slipped below $27,000 ahead of the act's make or break moment today. The Senate is set to vote at 2:15 p.m. Eastern on whether to advance the market structure bill. Polymarket betters have turned cautious. Odds of the bill being signed this year slid from 34% Monday to 20%.

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The US Department of Justice is moving to seize $61 million in crypto it says was funding Iran's military. Prosecutors have filed a civil forfeiture complaint tied to Iran's black market sales of sanctioned crude oil. Two Chinese firms allegedly used Binance accounts to launder the funds before routing them back to Tehran.

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Binance says it has zero tolerance for sanctions violations and did not permit transactions with sanctioned individuals.

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And a US House Committee is set to vote Wednesday on the first major crypto tax bill to move through Congress. The Ways and Means Committee released the 114 page Digital Asset Tax Certainty Act late Monday. The headline provision would eliminate taxes on crypto transactions under $10, a long-standing industry ask that would make it easier to use digital assets for small purchases like a cup of coffee. Get more updates on coindesk.com.

01:23 Speaker B

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01:26 Speaker C

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