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XRP (CRYPTO: XRP) trades near $1.27, down 13.8% in the past 24 hours, as the Senate blocked cloture on the Clarity Act and spot ETF inflows hit zero.
The token is now 25.3% below its August 22 high of $1.70, erasing most of the 28.5% gain recorded during August, which was its best month since 2021.
The regulatory setback occurred on Tuesday, September 15, when the Senate failed to secure the 60 votes needed for cloture on the Clarity Act.
Although Republicans released a revised version with new ethics restrictions on Sunday, the changes were insufficient to overcome opposition.
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