The US Senate rejected cloture on the CLARITY Act, a major cryptocurrency market-structure legislation, with the vote falling well short of the required 60 votes. Following this setback, short-term Bitcoin holders transferred over 23,000 BTC, worth approximately $1.8 billion, to exchanges at a loss, representing the largest capitulation event in about a month. Even before the official vote, BTC had peaked above $79,500 on September 14 before retreating to $76,000 the next day, as traders began pricing in the increasing likelihood of failure. The bill’s rejection is a significant setback, but does not constitute a permanent death sentence, as another procedural attempt remains possible.
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