Markets
September 24, 2026
US Weighs Global Stablecoin Push as Visa Finds 56% Adoption Intent With Safeguards
- Clarity Act setback triggered Crypto liquidations as the Bitcoin price fell, adding pressure across the Crypto market, while Brian Armstrong called the Senate vote a disappointment
- More than $666M in crypto positions were liquidated as leveraged traders faced a sharp market sell-off
- The Clarity Act remains stalled rather than permanently abandoned, leaving the SEC and CFTC to potentially advance crypto rules under existing authority
The Clarity Act, which has been a center of great attention from the past few months, has hit another roadblock. The act failed to progress further as it fell short of 60 votes in the US Senate, with the vote ending 49 in favor and 50 against. The setback has come at a time when the crypto market was gearing up to accommodate this act, which was designed to establish a new federal regulatory framework for the sector. At the same time, the news has impacted the Bitcoin price a bit. The development alongside the Fed’s hawkish stance has weighed on the asset, resulting in crypto liquidations worth $667M.
Also Read: Shiba Inu Price Falls as CoinEx Winds Down With 442.8B SHIB, Shibarium Gets RPC Update
Bitcoin Price Drops Below $75K
The Bitcoin price briefly fell below $75K as traders reacted to the failed Senate vote. As per the data shared by TradingKey, Bitcoin fell below $75K, while Ethereum declined below $2400.
Bitcoin price was already under pressure as the asset was facing pressure from the Fed’s hawkish stance. Bitcoin had already been trading lower as markets prepared for both the Clarity Act and the Federal Reserve’s upcoming interest rate decision.
Brian Armstrong Reacts to the Clarity Act Failure
The Coinbase CEO, who has long been vying for the bill to pass, has taken to X to react to the news. Armstrong shared how the Senate decision to not advance the Clarity Act was a disappointment.
“The CLARITY Act didn’t advance in the Senate today, which was a disappointment. While it’s possible bipartisan conversations continue and it lives to fight another day, we can’t wait on Congress anymore. The SEC and CFTC have the tools they need to create clear rules under existing authority, and I expect they will begin working on these regulations in earnest. So clarity is coming to crypto regardless. ..Crypto is here to stay. With clarity emerging through the regulators, we’ll continue updating the financial system.”
Brian Armstrong later shared how irrespective of the situation, the SEC and CFTC have tools to establish clear crypto rules for the sector to move ahead.
Moreover, he shared how crypto cannot be uninvented and that the sector will receive clarity one way or the other.
Sector Experienced Crypto Liquidations Worth $666M
Per the latest data from Trading Key, the sector has experienced crypto liquidations worth $667M. The Clarity Act setback was an important catalyst for such liquidations. However, the markets were also gearing up to navigate expectations around the Federal Reserve’s rate policy. Other factors, such as Treasury yields and broader market sentiment, also added to pressure on the crypto sector, resulting in such massive crypto liquidations.
These liquidation surges show how quickly such events can have an impact on Bitcoin price. The current question remains whether Bitcoin can stabilize and recover from the latest setback.
The final version of the Clarity Act had also undergone several changes before the Senate vote, including new ethics provisions and other amendments requested by Democrats. The bill’s failure to advance therefore leaves the legislation stalled, rather than permanently ending its path through Congress.
Also Read: The $10K Bitcoin Scenario Is Back, But What Would It Take to Get There?
