The US Senate rejected the CLARITY Act on September 15, failing to secure the 60 votes needed to overcome a filibuster. Disagreements over Donald Trump’s conflicts of interest, whose crypto revenues exceed $1.4 billion according to Associated Press, along with tensions between banks and stablecoin issuers, led to the bill’s failure. Bitcoin dropped 5.27% below the $75,000 mark, Ether fell 7% to $2,362 and Coinbase shares plunged 11.38% on Wall Street in reaction. This political setback for Republican senators Cynthia Lummis, Tim Scott and John Boozman threatens to delay any comprehensive crypto legislation for years.
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