The US Senate rejected the CLARITY Act, a bill aimed at regulating digital assets, with 49 votes in favor and 50 against. Democrats opposed the measure due to concerns regarding cryptocurrency holdings and the income of President Donald Trump.
Following the news, Bitcoin dropped to $75,038, while major altcoins saw significant declines: Ethereum fell by 3.4%, Solana by 4.1%, and XRP by 8.3%. The GMCI 30 index, tracking the largest crypto assets, decreased by 4.16%.
Publicly traded crypto-related companies also faced losses, with Coinbase and Circle shares dropping over 10%. Additionally, spot Bitcoin ETFs recorded a net outflow of $450.33 million on September 15, marking the largest withdrawal since late June.
Market participants, including Ripple CEO Brad Garlinghouse, expressed disappointment over the result. Industry leaders now anticipate that regulatory guidance will shift to the SEC and CFTC, though experts warn that this approach maintains uncertainty regarding legal standards.
Despite the legislative setback, analysts suggest the market remains driven by macroeconomic factors rather than regulatory news. Meanwhile, Polymarket odds for the bill's passage in 2026 have plummeted to 5%, the lowest level since the market opened in January.
