On the news of the Clarity Act's failure... Cryptocurrency-themed stocks 'plummet' one after another

▲ US Congress, cryptocurrency regulation, virtual assets/AI generated image

As the U.S. cryptocurrency market structure bill was blocked in the Senate, Coinbase (COIN) and Circle Internet Group (CRCL) plummeted by about 10%.

According to Cointelegraph on September 15 (local time), Coinbase's stock price fell by 9.9%. Circle also dropped by about 10%. Immediately after the U.S. Senate failed to secure the necessary 60 votes in a cloture vote to advance the bill to a full floor vote, selling pressure spread across cryptocurrency-related stocks.

Bitcoin-holding companies and mining stocks also declined one after another. American Bitcoin (ABTC) fell by about 8%. Strategy (MSTR) and Strive (ASST) each dropped by about 5%. Riot Platforms (RIOT) fell by about 6%, and CleanSpark (CLSK) by about 5%. Hut 8 (HUT) declined by over 4%, and IREN by about 4%.

The U.S. cryptocurrency market structure bill aims to establish a regulatory framework for the U.S. digital asset market. It also includes provisions to delineate the supervisory scope of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). With the bill stalled in the Senate, fewer than 36 legislative days remain before the new Congress convenes after the November midterm elections.

The cryptocurrency market also wavered immediately after the vote. Bitcoin (BTC) briefly dropped below $75,000. It later recovered to approximately $76,000.

Coinbase CEO Brian Armstrong publicly urged support for the bill before the vote. Armstrong stated in May that the bill was "in a stronger, more bipartisan position than ever before." Just before the vote, he declared, "History and crypto voters will not forget." After the vote failed, Strategy co-founder Michael Saylor said, "The only clarity needed is Bitcoin."

[Article Summary]

-The U.S. cryptocurrency market structure bill failed to secure the necessary 60 votes in a Senate procedural vote.

-Coinbase plummeted by 9.9% and Circle by about 10%, with Bitcoin-holding companies and mining stocks also declining.

-Fewer than 36 legislative days remain before the new Congress convenes, and Bitcoin also briefly dropped below $75,000 immediately after the vote.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*