Bitcoin Hits Three-Week Low as U.S. Senate Rejects Motion to Proceed on Crypto Regulation Bill

The crypto market saw selling pressure dominate on the 16th after the U.S. Senate rejected a motion to proceed on the "Clarity Act," a bill that would establish a comprehensive regulatory framework for the crypto asset (virtual currency) market. Bitcoin fell below $76,000 for the first time in roughly three weeks, while altcoins also traded broadly weaker.

As of 9:10 a.m. on the 16th, Bitcoin (BTC) was trading at approximately ¥11.7 million (approximately $75,000) per BTC, down 2.7% over the past 24 hours. Ethereum (ETH) was at approximately ¥370,000 (approximately $2,400) per ETH, down 4.0%, and XRP was at approximately ¥190 per XRP, down 9.4%.

The U.S. Senate held a procedural vote on the 15th to determine whether to begin debate on the Clarity Act, with the result coming in at 49 in favor, 50 opposed, and 1 abstention. The motion required 60 votes to proceed but fell far short. Republican Senator Thom Tillis reportedly filed a motion to reconsider, but no schedule for further consideration has been set.

The bill was designed to clearly delineate regulatory authority among agencies overseeing the crypto market and had been introduced after months of bipartisan negotiations. However, in the vote, some Democratic lawmakers who had previously participated in bipartisan discussions on crypto issues voted against the measure.