XRP drops 10% as Senate blocks Clarity Act, Bitcoin near $76,000

XRP fell nearly 10% to $1.30 in Asian trading on Wednesday, leading a market‑wide decline after the U.S. Senate failed to advance the Clarity Act in a 49‑50 procedural vote.

Market reaction

All major tokens posted losses. Ether dropped about 5% to $2,410, Solana fell 5% to just above $97, and Dogecoin slipped nearly 5%. Zcash and Hyperliquid’s HYPE each lost close to 4%, while Bitcoin slipped nearly 3% to just above $76,000. BNB and Tron were the least affected, each down roughly 1%.

Crypto equities under pressure

Crypto‑related stocks fell harder than the tokens. Coinbase declined nearly 9% to $174.42, Circle fell more than 9% to $88.26, and Galaxy Digital dropped 8%. Other notable declines included Gemini (7%), Bullish and Riot Platforms (5% each), eToro (4%), and a range of firms such as Robinhood, MARA Holdings, CleanSpark, IREN and Core Scientific, which lost between 3% and 4%.

Why the bill stalled

The Clarity Act required a 60‑vote cloture to move to debate; it fell short with a 49‑50 vote. The decisive provision was an ethics clause intended to prevent senior officials from holding crypto interests. Senator Elissa Slotkin (D‑MI) voted no, citing “thin” ethics provisions and concerns about staffing at the Commodity Futures Trading Commission, as well as gaps on money‑laundering and terrorist‑financing controls.

Regulatory outlook

With the legislative route stalled, attention shifts to the Securities and Exchange Commission, which is advancing its proposed Reg Crypto framework and tokenized‑securities rules. Industry political action committees will assess how to engage senators ahead of the November 3 election and the new Congress convening in January 2027.

Broader market context

Traders also await the Federal Reserve’s interest‑rate decision later Wednesday, with expectations of a quarter‑point hike adding to the risk‑off sentiment that followed the Senate vote.