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The Digital Asset Market Clarity Act, which aims to create a comprehensive regulatory framework for digital assets in the US, failed to gain the necessary support to pass in the Senate.
In the vote, 49 senators voted in favor and 50 against, failing to reach the 60-vote threshold required for the bill to proceed.
Following the negative outcome of the vote on the Clarity Act, Bitcoin fell by approximately 3%, dropping to $75,000.
In response, after the US Senate failed to pass the ‘CLARITY Act’, $XRP lost approximately 10% of its value, recording the biggest drop among major cryptocurrencies.
$XRP fell by approximately 10% to around $1.28. While other altcoins also experienced declines, the drops were more limited compared to $XRP. Ethereum fell by about 5% to around $2,400, and Solana also dropped by 5% to around $97.
A Huge Disappointment!
The lack of progress on the Clarity Act has caused great disappointment in the cryptocurrency sector, and significant assessments have also come from prominent figures.
Coinbase CEO Brian Armstrong expressed his disappointment that the Clarity Act was not progressing in the US Senate, in a post on his X account. However, he noted that bipartisan negotiations could bring the bill back to the agenda.
SEC and CFTC Highlights!
Armstrong said that Congress shouldn’t be waited for and that the SEC and CFTC could create clearer regulations for cryptocurrencies with their existing powers. He predicted that regulatory clarity would still be achieved.
Armstrong, stating that the industry made some concessions during the Clarity Act negotiations, suggested that the bill’s failure might have been a better outcome. He emphasized that the crypto sector will continue to transform the financial system through regulatory bodies.
Statement from the White House!
White House official Patrick Witt described the unsuccessful Senate vote on the Clarity Act as a “great disappointment.”
Witt argued that the outcome poses a risk to the U.S.’s global leadership in finance, and that the decision could weaken the U.S.’s influence over global financial standards, adding that all eyes are now on the next steps to be taken by the SEC and the CFTC.
Witt argued that this was a failure on the part of American leadership.
Witt stated that if the law does not progress, the influence of Brussels or Beijing-based regulators on global financial markets could increase in the future. He also thanked President Donald Trump, David Sacks, Senator Cynthia Lummis, and other senators for their contributions to the process.
A Call to Regulatory Bodies!
Witt, who also praised the cooperation between the Treasury, SEC, and CFTC administrations, specifically addressed SEC Chairman Paul Atkins and CFTC Chairman Michael Selig, stating that the next step lies with the regulatory bodies.
Finally, crypto journalist Brady Dale argues that following the failure of the procedural vote in the US Senate that would have allowed the Clarity Act to proceed, the responsibility lies primarily with certain political actors, including President Donald Trump.
Dale argued that Trump’s launch of the TRUMP memecoin negatively impacted the process. He also claimed that Senator Tim Scott stifled legislative momentum by insisting on a separate Senate text instead of directly advancing the House bill after the GENIUS Act.
*This is not investment advice.
Source: cryptonews.net