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Bitcoin (BTC) fell by 3.2% following a procedural vote in the U.S. Senate that failed to advance the Clarity Act.
The bill received 49 votes in favor, falling 11 votes short of the minimum threshold required to move the legislation to the main floor. As a result, the Clarity Act has been shelved for the remainder of the year.
The failure of the vote comes after Republicans made amendments to the bill in recent days to address Democratic concerns, specifically regarding ethical provisions.
While most other cryptocurrencies experienced strong declines following the news, several appear to be recovering in early trading. Market data indicates that the outcome was largely anticipated by participants.
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