Bitcoin and crypto stocks drop after Senate rejects Clarity Act

The price of bitcoin plunged, along with crypto-related equities, after the Clarity Act was blocked in the Senate.

Bitcoin was recently trading at $75,939, a 4% decline over the previous day, after hitting a low of $75,038 on Tuesday.

In a procedural vote on Tuesday, lawmakers blocked the landmark bill that would establish rules for digital asset markets. Major companies in the digital asset space have long urged the creation of clear regulations.

Bitcoin was not the only asset to fall; BTC-linked stocks, including Coinbase (NASDAQ: COIN) and Strategy (MSTR), also declined.

Coinbase, the largest U.S. crypto exchange, saw its stock drop more than 10%, while Strategy, the top corporate bitcoin holder, fell over 5%.

BREAKING: U.S. Senate DOES NOT PASS the Clarity Act in its procedural cloture vote. pic.twitter.com/1nYTgYZo5P

— Bitcoin Magazine (@BitcoinMagazine) September 15, 2026

Publicly listed bitcoin mining firms also lost value, with MARA, CleanSpark, and Core Scientific each declining by 5% or more in the past 24 hours.

The vote saw 49 senators in favor and 50 against, effectively blocking the legislation that the digital asset industry had long advocated for.

The proposed bill sought to split regulatory authority, clarifying which digital assets fall under securities, commodities, or stablecoin categories.

Last month, President Donald Trump pressed lawmakers to approve the bill, which contributed to a rise in bitcoin's price. However, Republicans had cautioned for months that Democrats were intentionally delaying it.

Senator Elizabeth Warren, known for her anti-crypto stance, advised Congress to oppose the bill on Tuesday, calling it "a massive risk to families."

Senator Bernie Sanders posted on X that the bill was "corrupt."

Critics of the bill argued that it would enable President Trump to profit from the crypto sector. Since Trump assumed office, his family has engaged in various crypto ventures, though the White House consistently denies misconduct.

Sanders also noted, "Crypto billionaires have spent nearly $300M on the midterm elections."

He added, "Meanwhile, Trump and his family have pocketed more than $1.4B from crypto deals."

Senator Cynthia Lummis, a pro-crypto Republican, criticized Democrats for opposing the legislation.

In a post on X, Lummis stated: "The once-proud Democratic party is anti-consumer and pro-illicit finance, anti-ethics, anti-free enterprise, anti-worker, anti-livable wage jobs, and pro-socialism. The Democrats are now anti-American."