Senate rejects Clarity Act, XRP slides almost 10% to $1.30
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XRP slid almost 10% to $1.30 on Wednesday after the US Senate narrowly voted down the Clarity Act, a bill meant to clarify crypto rules. Other coins, like Ether and Solana, also saw drops.
The bill went down on a 49-50 cloture vote, falling short of the 60 senators needed to move legislation to debate, mainly because lawmakers couldn't agree on ethics rules for officials involved with crypto.
Regulators refocus on SEC reg crypto
With the Clarity Act off the table, regulators are turning their attention back to the SEC's Reg Crypto framework.
Crypto stocks took a hit too: Coinbase fell nearly 9%, and Circle fell over 9%.
Now, all eyes are on what the Federal Reserve will do with interest rates, since those decisions could shake up both crypto and traditional markets even more.