The U.S. crypto industry spent years and hundreds of millions in political contributions pushing for a federal regulatory framework. On Tuesday it hit a wall: the Senate voted 49-50, far short of the 60 needed to advance the Digital Asset Market Clarity Act.
Coinbase, Circle and Galaxy each dropped over 8%. Miners and Robinhood followed. The bill would have clarified which regulator oversees what β and given the CFTC real authority over spot markets. Without it, the industry stays in legal limbo.The Fed's rate decision Wednesday added pressure across the board, per Blockworks β but the crypto names fell hardest.
Hundreds of millions spent. Forty-nine votes secured. The Senate has its own arithmetic.
CoinDesk