Bitcoin Slides Below $75,000 After Senate Blocks CLARITY Act Procedural Vote

Bitcoin fell 4.6% after the U.S. Senate failed to advance a key procedural vote on the Digital Asset Market Clarity Act (CLARITY Act), falling short of the 60 votes required to clear the hurdle. The setback sparked a broad "sell-the-news" move across crypto, pushing Bitcoin below $75,000 and triggering a surge in forced liquidations. The bill's backers attempted a late push to lock in bipartisan support, circulating substitute language that included 126 bipartisan changes. Senate Republicans, led by Sen. Cynthia Lummis, also won President Donald Trump's backing for stricter blind-trust rules covering his digital-asset investments. The revisions still failed to win over progressive Democrats. Several Democrats involved in months of negotiations—including Gillibrand, Warner, Booker, Warnock, Gallego, Alsobrooks and Cortez Masto—voted no. Sen. Elizabeth Warren criticized the revised legislation on the Senate floor, calling the new provisions a "weak fig leaf" and arguing they did not adequately address broader conflict-of-interest concerns. The failed vote does not automatically end the CLARITY Act's prospects. Senate leaders could bring it back for another vote as soon as Sept. 17, though the legislative calendar is tightening, with limited session days remaining ahead of an Oct. 2 deadline. Securing 60 votes remains the core obstacle. With the bill now seen as unlikely to advance in the current congressional session, attention is shifting from Capitol Hill to regulators. Officials at both the SEC and CFTC have said they can proceed with crypto rulemaking without the legislation. The SEC is already developing a standalone "Regulation Crypto Assets" framework, while the CFTC is working on rules for prediction markets and commodity spot markets. As the Senate vote tally became clear, Bitcoin was hit by a sharp liquidation wave, sliding more than 4.7% to break below $75,000, its lowest level since late August. Over the past 24 hours, 120,217 traders were liquidated, with total liquidations reaching $771 million. Long positions accounted for nearly $568.5 million, underscoring how quickly the selloff rippled through leveraged bets. Following the bill's failure to advance, some analysts said the CLARITY Act is now likely off the table until 2026, with no clear path to reconsideration ahead of the midterm elections.