Crypto Stocks Fall After Senate Declines to Advance Clarity Act
Shares of Coinbase, Circle and Galaxy dropped after the U.S. Senate failed to move forward a crypto market structure bill.
AfroEuropa Newsroom
AfroEuropa desk
Shares of several crypto-linked companies declined after the U.S. Senate did not advance the Clarity Act, a long-awaited bill intended to establish a market structure framework for digital assets, according to CoinDesk and Cointelegraph.
Coinbase, Circle and Galaxy led the selloff, CoinDesk reported. Cointelegraph reported that Circle and Coinbase shares fell about 10%, with Bitcoin miners and treasury companies also losing ground.
Ahead of the vote, the bill's prospects had weakened. CoinDesk reported that the legislation had not gathered the votes needed to clear its first Senate hurdle, which was scheduled for Tuesday, as the parties held their positions. Republicans rejected a counter-proposal from Democrats, and negotiations remained stalled in the hours before the vote. Prediction markets sharply lowered their assessment of the bill's near-term chances, according to CoinDesk.
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