Senate fails to advance the Clarity Act, causing the crypto market to fall into recession

Bitcoin and crypto markets fall sharply after Senate fails to pass CLARITY Act

Bitcoin (BTC) and the broader crypto market have fallen sharply as the U.S. Senate fails to pass the CLARITY Anti-Money Laundering Act. In a key procedural vote, senators voted 49 - 50, one vote short of the 60 votes needed to pass legislation.

The market responded quickly, with Bitcoin falling more than 3% on Tuesday, hitting as low as $74,887 and finally closing at $75,584. Ethereum (ETH) fell even more, falling to a low of $2,356, then closing at $2,396, a drop of nearly 5%. Ripple (XRP) fell more than 8% in 24 hours and is currently trading at around $1.30. Other tokens also saw similar declines, with the overall crypto market value falling by 2.31%.

The CLARITY Act failed to advance

The Senate's failure to bring this crucial legislation to closing debate has brought the market structure bill to a standstill. The CLARITY Act would have established a clear regulatory framework by dividing the supervisory powers of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). However, several senators across the party have refused to support the legislation in its current form.

民主党参议员安吉拉·阿尔斯布鲁克斯（Angela Alsobrooks）、鲁本·加列戈（Ruben Gallego）和柯尔斯滕·吉利布兰德（Kirsten Gillibrand）投了“反对”票；包括苏珊·科林斯（Susan Collins）、乔什·霍利（Josh Hawley）、杰里·莫兰（Jerry Moran）和汤姆·蒂利斯（Thom Tillis）在内的几位共和党参议员也投票反对通过该立法。

蒂利斯此前曾就稳定币奖励和道德问题发表过不同意见，他投了“反对”票并提议重新审议。这为再次争取两党对该立法的支持留出了空间。

民主党提出晚期反提案

在预定投票前数小时，民主党议员引入了一份修订版的《CLARITY法案》。该反提案解决了若干道德条款及其他规定，并在与参议院少数党领袖查克·舒默办公室进行讨论后提交。然而，共和党议员拒绝了这一反提案，他们认为当前版本已经包含了民主党议员提出的126项修改要求。

道德规范仍是主要障碍

尽管特朗普总统接受了修订后的版本，但道德担忧和分歧仍然是该法案最大的阻碍。修订后的文本对总统、副总统、国会议员、联邦法官及其政府官员亲属持有的加密资产和利益施加了多项限制，并允许州总检察长采取民事执法行动。

然而，民主党议员认为这些限制并未涉及与特朗普总统及其直系亲属相关的加密业务。民主党人的修订版法案希望将这些规则延伸至联邦官员的子女。加列戈参议员指责特朗普寻求“犯罪时间”，并明确表示不支持当前形式的立法。

此外，议员们未能就稳定币奖励、开发者保护以及与现有州或部落赌博规则相冲突的事件合约达成一致。银行业对稳定币奖励持反对态度，担心这可能影响传统金融机构的存款。

分析师观点：市场仅部分定价

BitGet Wallet研究分析师Lacie Zhang表示，市场仅部分计入了参议院通过《CLARITY法案的可能性。

“《CLARITY法案似乎只被部分定价。预测市场仍暗示其在2026年通过的概率相对较低，这表明市场并未做好通过的准备。”Zhang补充道，得益于现货比特币ETF为投资者提供了受监管的资产敞口，比特币面临的监管不确定性要小得多。比特币的托管和机构交易系统也更为成熟。“从相对角度来看，比特币受益可能最小，因为其监管地位、ETF准入和机构基础设施已经相对清晰。”

Zhang指出，如果监管通过，以太坊将是最大受益者，因为该网络支持稳定币、去中心化金融（DeFi）和代币化资产，并面临重大的监管复杂性。

Institutions will continue to build under existing rules

Meanwhile, cryptocurrency companies and financial institutions in the industry are expected to continue to develop products despite setbacks. However, the lack of a clear regulatory framework and legislation may hinder companies from expanding their services. Jessica Martinez, policy director at Fireblocks, told reporters: "The good news is that the market will move forward regardless of whether Clarity passes or not. So the question is which entities are ready to follow suit."

Major players in the cryptocurrency industry are already operating under current rules, while more cautious players are content to wait and see the situation develops.

Bitcoin and crypto markets have been hit

The failure to pass the CLARITY Act has had a substantial impact on the market. CoinGlass data showed that total liquidations reached US$668 million in the past 24 hours, of which US$570 million were long positions, showing a clear seller tilt. At the same time, the CoinMarketCap Fear and Greed Index fell to 63, a significant drop from the 71 points recorded the previous week. The total market value of the crypto market also fell more than 2% to US$2.58 trillion.

Bitcoin also saw a correction after the vote, falling more than 3% on Tuesday to close at US$75,584. The flagship cryptocurrency is currently trading at approximately US$75,669, maintaining a bullish trend. The price is above the 50-day exponential moving average (EMA) of approximately $73,566 and the 200-day EMA of approximately $73,052, further consolidating the bullish trend. However, the Relative Strength Index (RSI) has fallen back into neutral territory, while MACD indicates weakening positive momentum.