The Senate's 49-50 procedural vote against advancing the Digital Asset Market Clarity Act was followed by declines in major crypto-linked stocks and cryptocurrencies, while bitcoin later recovered toward $76,000.

Crypto-linked shares fall after Senate vote

The Digital Asset Market Clarity Act received a 49-50 procedural vote in the Senate, failing to advance. Coinbase was down nearly 9%, while Coinbase, Circle and Galaxy each fell more than 8%.

What the vote decided

The Senate vote was 49-50. The procedural vote required 60 votes, as did the cloture motion.

Why the legislation matters to crypto markets

The bill would have set rules for how different cryptocurrencies and blockchain projects are treated in the U.S. It also would have given the Commodity Futures Trading Commission greater authority over crypto spot markets.

Market moves across crypto assets

  • Circle dropped 9.4%.
  • Strategy declined about 5%.
  • Coinbase fell by 9%.
  • Ether fell by 5%.

Bitcoin later recovers toward $76,000

Bitcoin fell by 3% and briefly traded below $75,000. It later climbed back to around $76,000 at the time of writing.