U.S. crypto stocks slide after Senate blocks market structure bill
Crypto-linked shares are under heavier pressure as Washington again delays a long-sought federal framework for digital assets. The failed Senate procedural vote on the Clarity Act adds to a broader risk-off mood in U.S. markets ahead of the Federal Reserve's policy decision.
Highlights
- U.S. Senate blocks the Clarity Act in a 49-50 vote, significantly dampening sentiment and regulatory hopes for the crypto sector.
- Coinbase drops nearly 9% to $174.42, Circle falls 9.4% to $88.26, Galaxy Digital loses 8%, and Gemini is down 7% after the Senate vote.
- Broader selloff hits Robinhood (down 3%), Bullish (down 5%), eToro (down 4%), and crypto miners such as Riot Platforms and Core Scientific fall 3-5% amid regulatory uncertainty and Fed rate hike anticipation.
Senate vote hits crypto sector sentiment
As reported by CoinDesk, crypto stocks sink Tuesday after the U.S. Senate fails to advance the Clarity Act in a 49-50 procedural vote, well short of the 60 votes needed to move the bill forward.Coinbase falls nearly 9% to $174.42, while stablecoin issuer Circle drops 9.4% to $88.26. Galaxy Digital loses 8% and Gemini falls 7%, extending losses across a sector that has pushed for years for a comprehensive U.S. regulatory structure.
The bill would have set rules for how different cryptocurrencies and blockchain projects are treated in the U.S. It also would have given the Commodity Futures Trading Commission, or CFTC, greater authority over crypto spot markets, and its failure means the industry has to wait longer for legislation many companies say they need for long-term planning.
Broader selloff spreads across trading platforms and miners
Weakness extends beyond the largest crypto names, with Robinhood down 3%, Bullish off 5% and eToro falling 4%. Among miners, Riot Platforms drops 5%, while MARA Holdings, CleanSpark, IREN and Core Scientific are all down by roughly 3% to 4%.The Senate setback is not the only factor shaping Tuesday's decline. Broader U.S. stocks also face pressure as investors cut risk before Wednesday's Federal Reserve decision, which is expected to end with a rate hike, but the steeper losses in crypto-linked shares show how closely the sector remains tied to regulatory progress in Washington.
Our earlier coverage of the Clarity Act focused on the buildup to the Senate’s procedural vote and the political compromises being discussed to get the bill over the 60-vote threshold. We also outlined how parallel SEC rulemaking around transfer-agent rules could legitimize blockchain-based shareholder records and tokenized securities, potentially shifting legal risk and allowing parts of on-chain finance to advance even if the bill stalled.
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