XRP falls three times as hard as bitcoin after the Senate blocks the CLARITY Act

XRP has fallen 9.3% over 24 hours, more than three times bitcoin's 2.8% decline, in the hours since the Senate blocked the CLARITY Act. The token traded at $1.29 late Tuesday, according to CoinGecko data captured at 1:20 a.m. UTC, with $5.8 billion of volume against an $81 billion market value, a turnover rate roughly three times bitcoin's. Bitcoin sat at $75,752, its lowest since Aug. 21 on daily closes. Ether fell 4.5% and Solana 5.2%.

The size of those gaps is the story. A market-structure bill decides which regulator supervises which token, and the tokens with the least settled legal status carried the most of that hope in their price. When the bill failed on a 49-50 procedural vote, they gave back the most. Bitcoin, whose commodity status has never been the question, lost the least of any major asset except the stablecoins and BNB.

1. 01The move-XRP fell 9.3% over 24 hours to $1.29, more than three times bitcoin's 2.8% decline, after the Senate blocked the CLARITY Act on a 49-50 procedural vote.
2. 02The pattern-Solana fell 5.2%, ether 4.5% and dogecoin 4.4%, while BNB lost 0.9% and the dollar stablecoins held their pegs; the deeper the US classification question, the deeper the drop.
3. 03Why-The bill would have set in law which tokens the SEC oversees and which go to the CFTC. Supervision now stays with agency rulemaking and enforcement, case by case.
4. 04Bitcoin-Bitcoin traded at $75,752, its lowest against daily closes since Aug. 21, though still above the 30-day low near $64,500 and about 7% below the 30-day high above $81,000.
5. 05Sentiment-The Crypto Fear & Greed Index fell to 51, neutral, from 69 a day earlier, an 18-point drop and the first reading outside greed in at least eight days.