US Senate fails to invoke cloture on the CLARITY Act, 49-50; Bernstein says failure lets stablecoin rewards on idle balances continue

The US Senate failed to invoke cloture on the CLARITY Act by a 49-50 vote, short of the 60 needed to advance the crypto market-structure bill; three Republicans joined Democrats in not voting for it. The failed procedural vote was followed by roughly $300 million in crypto long liquidations, a drop in Bitcoin below $75,000 (from about $78,200), and a more than 10% fall in XRP from around $1.40, with spot CVD on Bybit dropping to -10.575 million. Bitcoin ETFs saw about $450 million in outflows. Bernstein said the bill's failure allows stablecoin rewards on idle balances to continue and that it expects "swift" SEC and CFTC rulemaking.

Detected & updated continuously · Source: Nebula