Senate procedural vote kills crypto bill, prices slide

The Clarity Act failed to reach the 60-vote threshold in a Senate procedural vote and lost 50-49. All Democrats opposed it, joined by Republicans Susan Collins, Josh Hawley, Jerry Moran and Tom Tillis, who switched his vote. Democrat Chris Coons abstained.

The defeat blocks the bill from full debate or amendments. Several Democrats who had helped draft the text, including Kirsten Gillibrand, Mark Warner and Cory Booker, also voted no.

Markets reacted with selling. Bitcoin fell from roughly 76 850 dollars to 75 943 dollars, down about 4 % in 24 hours. Ethereum dropped 5.35 % to 2 401 dollars and XRP lost nearly 10 %.

Liquidations reached 769 million dollars over the day, with 568 million coming from long positions, hitting bitcoin and ether holders hardest.

Based on information from https://cryptonews.net