Crypto stocks fall after Clarity Act vote

• Coinbase, Circle and Galaxy Digital have fallen sharply after the Senate rejected the Clarity Act.
• Coinbase has fallen nearly 9%, while Circle has dropped 9.4% and Galaxy Digital has declined 8%.
• Bitcoin (CRYPTO:BTC) has also fallen about 3%, adding to pressure across crypto-linked assets.

Coinbase, Circle and Galaxy Digital have fallen after the U.S. Senate rejected a procedural motion on the Clarity Act.

Coinbase has dropped nearly 9% to $174.42, while Circle has fallen 9.4% to $88.26 and Galaxy Digital has declined 8%.

The Senate has voted 49-50 against advancing the legislation, leaving it 11 votes short of the 60 required.

The decline has spread across crypto-linked stocks, with Gemini falling 7%, Bullish dropping 5% and eToro declining 4%.

Bitcoin (CRYPTO:BTC) has fallen about 3% over 24 hours and has briefly traded near $75,000.

The Clarity Act has sought to establish rules for cryptocurrencies and blockchain projects while expanding the Commodity Futures Trading Commission's authority over crypto spot markets.

Broader markets have also weakened ahead of the Federal Reserve's upcoming decision, adding another source of pressure to crypto-linked assets.

At the time of reporting, Bitcoin price was $75,690.46.