The Senate's 49-50 procedural vote against advancing the Digital Asset Market Clarity Act was followed by declines in major crypto-related stocks and a brief dip in bitcoin below $75,000.

Senate rejects procedural motion on crypto market bill

The Digital Asset Market Clarity Act received a 49-50 procedural vote in the Senate, falling short of the 60 votes required to advance the measure.

Crypto-related shares fall

Coinbase was down nearly 9%, while Circle and Galaxy each fell more than 8%. Strategy declined about 5%. A separate report put Coinbase's decline at about 10% and Circle's at about 10%.

Bitcoin briefly drops below $75,000

Bitcoin briefly fell below $75,000 before climbing back to around $76,000 at the time of writing.

What the bill would have done

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.

Reported share prices

Circle's share price was reported at $88.26, while Coinbase's was $174.42.