Bitcoin fell below $76,000 and briefly reached $75,560 as Senate action on the CLARITY Act failed to advance. Market-based odds of the bill becoming law this year fell to 16%.
Bitcoin drops below $76,000
Bitcoin dropped below $76,000 as the CLARITY Act failed to advance, reaching as low as $75,560. It was later trading at $76,350, down 2.6% over the past 24 hours.
Odds of passage fall to 16%
Market-based odds of the CLARITY Act becoming law this year fell to 16% on Monday. Polymarket odds also fell to 16%.
Why the Senate vote mattered
The Senate cloture motion required 60 votes to move the legislation toward debate on the Senate floor. The legislation failed to advance, as Bitcoin dropped below $76,000.
Tax treatment in the legislation
Under the legislation, mining and staking rewards would remain taxable when received or brought under the recipient’s control.