By Bitcoin fell below $76,000 on September 15 as uncertainty surrounding the U.S. CLARITY Act turned into a concrete legislative setback, with the Senate failing to advance the landmark crypto market-structure bill.
The cryptocurrency dropped as low as approximately $74,900 intraday before recovering toward $76,000, according to FactSet data cited by MarketWatch. Bitcoin was down around 3% on the session after trading above $79,000 earlier in the week. The decline was not driven solely by regulation. Rising oil prices, higher Treasury yields and broader risk-off sentiment also weighed on markets ahead of the Federal Reserve’s September policy decision. However, the CLARITY Act vote became the immediate crypto-specific catalyst as traders reassessed the probability of comprehensive U.S. market-structure legislation passing this year.
Senate Vote Falls Short of 60-Vote Threshold
The Senate had scheduled a procedural cloture vote for Tuesday afternoon on the motion to proceed to H.R. 3633, the Digital Asset Market Clarity Act. Official Senate scheduling documents confirmed that the measure needed 60 votes to move toward full debate. The motion ultimately failed, with the Senate voting 49-50, according to Reuters and the Associated Press. The result prevents the legislation from advancing in its current form and represents a significant setback for an industry that has spent years lobbying for clearer federal rules governing digital assets.
The bill would establish a broader regulatory framework for crypto markets, including clearer divisions of authority between the Securities and Exchange Commission and Commodity Futures Trading Commission. Negotiations had become increasingly contentious in the run-up to the vote. Senate Democrats pushed for stronger ethics restrictions related to President Donald Trump and other federal officials holding or profiting from crypto assets, while Republicans argued that additional demands threatened to derail months of negotiations. A revised ethics proposal reportedly included restrictions on federal officials issuing digital assets and stronger state enforcement provisions, but Democrats continued to seek tougher safeguards, including rules addressing presidential financial interests.
Regulatory Delay Adds to Broader Market Pressure
Bitcoin had already begun weakening before the vote as expectations for passage deteriorated. Earlier Tuesday it fell from an overnight high near $79,530 to around $77,400 as traders monitored Senate negotiations. Ether, BNB, Dogecoin and other major tokens also traded lower. Crypto-linked equities were hit as well. Coinbase, Strategy and Robinhood all declined ahead of the vote as investors priced in the possibility that the legislation would fail to advance.
The wider macro backdrop amplified the move. Brent crude rose above $100 per barrel, while the U.S. 10-year Treasury yield briefly climbed above 5%, increasing concerns about inflation and tighter financial conditions. The failed vote does not permanently kill the CLARITY Act, but it makes passage before the November midterm elections substantially more difficult. Reuters reported that the legislation now has little chance of being revived in the near term as Congress approaches another recess and lawmakers shift attention toward the elections.
For crypto markets, the setback removes a near-term regulatory catalyst that investors had hoped could clarify token classification, exchange oversight and the respective roles of the SEC and CFTC. Bitcoin’s break below $76,000 therefore reflects both broader macro pressure and disappointment over Washington’s inability to reach agreement on a regulatory framework the crypto industry has sought for years.