US Senate Rejects Crypto Market Bill
Bitcoin and altcoins suffered a sharp selloff after the US Senate voted 50-49 to kill the Digital Asset Market Clarity Act, a decision fueled by a collapse in bipartisan talks over presidential ethics conflicts. The legislative deadlock, highlighted by Sen. Gillibrand's late withdrawal of support, leaves the crypto regulatory framework stalled until after the midterms amid accusations that the bill prioritized industry interests over public oversight.
According to GN markets/crypto (en-US), the rejection was driven by ethical concerns, with Sen. Kirsten Gillibrand abandoning her support due to the bill's failure to restrict President Trump's significant personal crypto earnings. Critics argue the legislation allowed high-ranking officials to profit from the industry while regulating it, leading Democrats to view the measure as dangerously weak.
Source: Common DreamsAccording to GN markets/crypto (en-US), the legislative failure stems from a final breakdown in bipartisan negotiations, with Democrats accusing Republican leadership of forcing a premature vote before ethics concerns regarding the President's crypto holdings could be resolved. Senator Mark Warner and other officials expressed regret over the outcome, noting that a potential deal was on the table just hours before the motion was killed.
Source: CoinDeskAccording to GN markets/crypto (en-US), altcoins are suffering disproportionately to Bitcoin, with Ethereum dropping 7.6% and Solana falling 6.5% as investors lose hope for the regulatory clarity needed to boost stablecoin and tokenization adoption. XRP has also tumbled 13.3% in the past day, reflecting a broader risk-off sentiment across the sector despite ongoing institutional integration efforts.
Source: The Motley FoolBitcoin dropped over 5 percent after the US Senate failed to advance the Digital Asset Market Clarity Act. The legislation missed the required 60 votes by a margin of 50-49.
Source: Al Jazeera
