Crypto stocks fell on Tuesday after a Senate cloture motion on the CLARITY Act failed to secure the required 60 votes to advance. Coinbase (COIN) shares declined by 9.9%, while Bitcoin briefly dipped below $75,000 before recovering to around $76,000. The bill aimed to establish a regulatory framework for the US digital asset market by delineating the jurisdiction of the CFTC and SEC. The setback leaves the legislation with little time to pass this year, with fewer than 36 legislative days remaining before a new Congress is sworn in. Coinbase CEO Brian Armstrong, one of the bill’s most vocal advocates, had urged senators to support the legislation, warning that history and crypto voters would not forget.
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