Gold advocate and longtime Bitcoin critic Peter Schiff declared that the cryptocurrency was « clearly worthless » after the CLARITY Act failed in the U.S. Senate. The legislation required 60 votes to advance to debate, but all Democrats who voted opposed it. Galaxy Digital CEO Mike Novogratz said he was deeply disappointed after roughly 18 months of negotiations. Coinbase CEO Brian Armstrong called the result a « disappointment » but did not treat it as a permanent defeat, while Binance co-founder Changpeng Zhao noted that stablecoins could continue to offer yield.
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