Bitcoin had a turbulent week, dropping to $75,000 after the US Senate rejected the CLARITY Act on September 15, before recovering above $81,000. The bill, which required 60 votes to advance, aimed to establish federal rules for crypto markets and clarify jurisdiction between the SEC and CFTC. Its failure leaves regulation in the hands of agencies rather than Congress, but does not introduce new restrictions on self-custody or self-hosted wallets. The US share of global crypto developers has fallen from 38% in 2015 to 19% today, illustrating the impact of regulatory uncertainty. The legislation is not technically dead thanks to a procedural move by Senator Thom Tillis, but passage this year appears increasingly unlikely.
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