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Crypto stocks were a sea of red Tuesday afternoon after the Senate failed to advance the Clarity Act, dealing a major blow to an industry that has spent years — and hundreds of millions of dollars in campaign contributions — gunning for a comprehensive U.S. regulatory framework.
Coinbase · was down nearly 9% at $174.42, while stablecoin issuer Circle · dropped 9.4% to $88.26. Galaxy Digital · lost 8% and Gemini (GEMI) fell 7%.
The pain spread across the sector. Robinhood · was down 3%, Bullish · lost 5% and eToro (ETOR) fell 4%.
Among crypto miners, Riot Platforms · dropped 5%, while MARA Holdings ·, CleanSpark ·, IREN and Core Scientific · were all down between roughly 3% and 4%.
The declines came after the Senate
