Senate cloture vote on Clarity Act fails, dealing regulatory blow to crypto industry

The Senate on Tuesday voted to block the Clarity Act from advancing, dealing a major blow to the crypto industry's push for a comprehensive market structure framework. The long-awaited procedural vote leaves the bill stalled on Capitol Hill after months of negotiations aimed at building bipartisan support. Republican leaders had released a revised version of the bill Sunday, adding new ethics restrictions to address Democratic concerns to limit the ability of public officials to profit from crypto ventures. Those changes weren't enough, however, to resolve the remaining opposition. The price of bitcoin was last down 3%, while Coinbase and Circle shares slid 8% and 10%, respectively amid the broader market sell-off.