Crypto Market Update: Senate Blocks CLARITY Act in Close Vote

Bitcoin price update

Bitcoin (BTC) was priced at US$76,001.56, trading 1.9 percent lower over the past 24 hours.

Bitcoin dipped during the CLARITY Act vote before steadying.

Glassnode called that performance resilient given the headline risks, putting US$76,700 as the level where buyers are currently stepping in the most. The firm points to US$71,300 and US$62,000 to US$65,000 as deeper levels of support, and US$80,500 and US$83,000 to US$86,000 as levels where sellers are likely to cap gains.

However, Glassnode notes that “resilient” isn’t the same as “strong.”

Buying demand had already been drying up before the vote, with Bitcoin exchange-traded fund (ETF) inflows turning negative after 27 straight days of gains. Corporate treasury buying is down to a fraction of last year’s pace, and options traders are now leaning toward expecting further declines rather than a rebound.

Cryptocurrency prices continued dropping ahead of the US Federal Reserve’s decision to raise interest rates by a quarter percentage point, lifting the target range to 3.75 to 4 percent.

Today’s crypto news to know

Read on for a round-up of the biggest crypto market news:

• Senate blocks landmark CLARITY Act in close vote
• Crypto industry reacts to CLARITY Act vote
• Bitget Wallet adds tokenized stock access via Reality
• BUZZ HPC partners with ProCogia
• Crypto exchange CoinEx announces closure after nine years
• Circle launches Arc Layer 1 Blockchain

Senate blocks landmark CLARITY Act in close vote

The US Senate blocked the CLARITY Act from advancing on Tuesday (September 15) as the procedural cloture motion failed in a 50 to 49 vote, falling short of the 60 votes required to clear the procedural hurdle.

Three Republicans — Senators Susan Collins, Josh Hawley and Jerry Moran — joined Democrats in voting against the motion to proceed. Senator Thom Tillis also voted against cloture, a procedural move that let him immediately file a motion to reconsider, since only senators on the prevailing side can do so.

Key Democratic negotiator Senator Ruben Gallego charged that Republicans care “more about making sure the president keeps making money than actually bringing regulations” and consequently are “failing the whole system.”

Senator Elizabeth Warren also slammed the final draft’s ethics rules, calling them “a weak fig leaf that will do nothing to stop him from making his next $1.4 billion in crypto profits.”

Despite the defeat, Senator Thom Tillis said in a Facebook post that there is still a future for the landmark regulation: “This is not the end for the Clarity Act. We’ve made substantial bipartisan progress in large part because of the White…