U.S. Senate Rejects CLARITY Act Crypto Regulation Bill... Bitcoin Breaks Below $75,000

The landmark bill aimed at bringing the U.S. cryptocurrency market into the regulatory fold failed to clear the Senate, sending Bitcoin and major crypto-related stocks tumbling in unison. On the 15th (local time), the U.S. Senate rejected a procedural vote to begin consideration of the CLARITY Act, a digital asset market structure bill, by a margin of 49 in favor to 50 against. The result fell 11 votes short of the 60 needed to advance the legislation.

While this vote does not constitute a final rejection of the bill itself, the prevailing assessment is that passage this year has become effectively impossible with less than two months remaining before the November midterm elections. Once Congress enters its recess this month and pivots to campaign mode, the window for reviving the legislation narrows considerably.

The market reacted immediately following the vote. Bitcoin's price plunged as much as 5.3% intraday to $74,910 (approximately 100 million won), marking its steepest intraday decline since June. Ethereum also tumbled more than 8%, while some altcoins including Ripple (XRP) saw even sharper losses. According to CoinGlass, approximately $300 million (about 410 billion won) in bullish positions were forcibly liquidated in the hour leading up to the vote, triggering a cascade of leveraged long position unwinds across the futures market.