Crypto stocks sink after Senate rejects Clarity Act
Coinbase, Circle and Galaxy lead a broad crypto stock selloff after the U.S. Senate failed to advance a long-awaited market structure bill.
Crypto stocks were a sea of red Tuesday afternoon after the Senate failed to advance the Clarity Act, dealing a major blow to an industry that has spent years — and hundreds of millions of dollars in campaign contributions — gunning for a comprehensive U.S. regulatory framework.
Coinbase COIN$172.05·Market Closed was down nearly 9% at $174.42, while stablecoin issuer Circle CRCL$86.18·Market Closed dropped 9.4% to $88.26. Galaxy Digital GLXY$22.27·Market Closed lost 8% and Gemini (GEMI) fell 7%.
The pain spread across the sector. Robinhood HOOD$110.45·Market Closed was down 3%, Bullish BLSH$35.46·Market Closed lost 5% and eToro (ETOR) fell 4%.
The declines came after the Senate voted 49-50 on a procedural motion to advance the Digital Asset Market Clarity Act, well short of the 60 votes required.