“Clarity not passing is bad for the United States and bad for crypto,” wrote Matt Cole, CEO of bitcoin treasury company Strive (ASST). “As an American, I’m frustrated but not surprised it didn’t pass.”
“That said, my honest take is this is good for Bitcoin.”
“The only clarity you need is Bitcoin,” wrote Michael Saylor, executive chairman at Strategy (MSTR).
“Bitcoin has had legal and regulatory clarity in the U.S. for year,” said Saylor’s company. Strategy noted that the CFTC has long treated bitcoin as a commodity, the IRS recognizes it as property, the SEC has approved spot BTC products, and the FASB treats bitcoin as a GAAP asset.
As for bitcoin (BTC) itself, it’s added to losses since the bill failed, but is also dealing with a renewed surge in oil prices and the Fed being less than 24 hours from launching a fresh rate-hike cycle.
Bitcoin is trading at $75,850, down 4.2% over the past 24 hours.
The U.S. Senate did not advance the Digital Asset Market Clarity Act on Tuesday, after over 40 Senators voted against the bill, according to the Senate floor webcast’s unofficial tally.
The failure essentially ends market structure legislative work in the Senate for 2026 and is a major blow to the crypto industry, which has invested years and hundreds of millions of dollars into trying to support its interests.
The Senate stands at 40 “no” votes as of press time, meaning the next Senator to vote against the bill’s cloture motion will essentially kill the market structure legislation.
The votes are still being counted, but markets appear to believe the Clarity Act has failed to garner enough votes to close debate.
Bitcoin has slipped back to $76,000 and crypto-related names like Circle, Bullish, and Coinbase are adding to earlier losses.
The U.S. Senate has begun its final push to hold a key procedural vote on the Digital Asset Market Clarity Act. The bill needs at least 60 votes to advance to a final vote, but as of press time, it is unclear whether the bill has the support it needs to clear this milestone.
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