Crypto stocks slide after CLARITY Act fails to advance in Senate

Crypto-linked equities tumbled on Tuesday after the US Senate failed to secure enough votes to advance the CLARITY Act. Major crypto firms were among the hardest hit: Circle and Coinbase both dropped roughly 10%, while bitcoin treasury companies and miners also posted notable declines. Bitcoin treasury operators saw mixed losses, with American Bitcoin plunging about 8% and firms listed as Strategy and Strive each down about 5%, according to Yahoo Finance. Miners were not immune: Riot Platforms slid roughly 6%, CleanSpark fell nearly 5%, Hut 8 declined just over 4% and IREN dropped almost 4%. The selloff came after a cloture vote on bringing the CLARITY Act to the Senate floor failed to reach the 60-vote threshold required to proceed. The bill aimed to establish rules for the US digital-asset market and to clarify which activities fall under the Commodity Futures Trading Commission’s remit and which fall under the Securities and Exchange Commission. With fewer than 36 legislative days left before a new Congress is sworn in after November’s midterms, the setback leaves little runway for the legislation to advance this year. Markets reacted as well: bitcoin briefly dipped below $75,000 before recovering to about $76,000, according to CoinGecko data. Industry leaders had been vocal in the run-up to the vote. Coinbase CEO Brian Armstrong had publicly pushed for passage and suggested earlier that either a Senate vote or new regulatory action by the agencies would produce clarity. After the legislation failed to advance, other prominent figures framed the outcome as a reinforcement of belief in bitcoin itself as the decisive asset.