Bitcoin ETFs shed $450 million as Clarity Act fails
U.S. spot bitcoin ETFs shed $450 million, the most since June, as the Senate's failure to advance the Clarity Act sent regulatory-sensitive tokens sharply lower.
The CoinDesk 20 Index also held its loss, dropping less than 0.1% since midnight after falling 4.6% on Tuesday in the steepest decline since June 5.
Attention now switches to the Federal Reserve, which announces its interest-rate decision later today, with an increase having been the market's base case going into the meeting.
The bill’s failure effectively ends any prospect of market structure legislation clearing the Senate this year, with Congress expected to be under split control in January.
Bitcoin’s 24-hour drop of 1.7% seems muted compared with slides in the tokens most exposed to U.S. regulatory treatment.