Senate Blocks Crypto Bill; Circle Shares Tumble 11%

On Tuesday, the CLARITY Act failed to get the 60 votes needed in a Senate procedural vote, preventing the crypto market structure bill from advancing to the floor.

By 2:42 p.m. ET, Circle Internet Group (CRCL) had dropped 11.61% to $86.11. The stablecoin issuer had been the clearest stock market proxy for the bill's chances.

How 41 Senators Stopped the Bill

The vote was on cloture, a step to end debate and move a bill forward. It requires 60 of 100 senators. As soon as 41 voted no, the motion failed.

Today, I voted no on the Clarity Act, legislation meant to regulate cryptocurrency in America.

The ethics provisions in this bill are simply too thin. President Trump, his children, and his Cabinet are making billions of dollars in the crypto space, in part from bilking everyday…

— Sen. Elissa Slotkin (@SenatorSlotkin) September 15, 2026

The legislation, officially the Digital Asset Market Clarity Act, aimed to divide federal oversight of digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It passed the House in 2025. The Senate push was led by Cynthia Lummis, John Boozman, and Tim Scott.

“Several Democrats who have spent months negotiating the Clarity Act, including Gillibrand, Warner, Booker, Warnock, Gallego, Alsobrooks and Cortez Masto, have all voted NO. One industry leader just texted me: “It died.”” Eleanor Terrett, host of Crypto America podcast, shared.

Hours earlier, BeInCrypto reported that the revised bill text faced opposition from bank trade groups, 18 state attorneys general, and Senator Elizabeth Warren. Republicans had published that text over the weekend and called it a final offer to Democrats.

What the Stalled Bill Means for Circle and Other Crypto Firms

Without the law, exchanges and token issuers must continue to satisfy both agencies simultaneously. That dual compliance burden was what the bill intended to remove.

Circle issues USD Coin (USDC), the second-largest dollar-pegged stablecoin. Shareholders had considered clearer federal rules as a path to wider distribution deals with banks and payment companies. Robinhood's stock (HOOD) declined alongside Circle's CRCL.

$HOOD is down more than 7% as the U.S. Senate fails to advance the CLARITY Act with 41 senators voting no. pic.twitter.com/Zdv7gms4iR

— Shay Boloor (@StockSavvyShay) September 15, 2026

Other crypto assets had rallied into the vote, with XRP and Stellar climbing on Monday as traders positioned for approval. When the news hit, those gains eased, and crypto including Bitcoin dipped before recovering.

Nevertheless, the defeat does not mean the bill is dead. Senate leaders can schedule another cloture vote, though nothing forces them to do so before the end of the year.

In a statement to BeInCrypto, Raiku CEO Robin Nordnes argued that the vote changes the timeline rather than the direction.

“The capital that couldn’t move under the current regime wasn’t sitting idle. BlackRock, Visa and Western Union built their frameworks under MiCA and they’re live on Solana… Today’s vote tells you how long that head start extends, not whether it exists.”

Europe's Markets in Crypto-Assets (MiCA) rules have been in effect since 2024, and Solana (SOL) has drawn issuers building under them.