CLARITY Act Fails Senate Vote, Circle Stock Falls 11%

The CLARITY Act failed its Senate procedural vote on Tuesday, falling short of the 60 votes needed to push the crypto market structure bill toward the floor. Circle Internet Group (CRCL) dropped 11.61% to $86.11 by 2:42 p.m. ET.

The stablecoin issuer had been the clearest stock market proxy for the bill’s odds. Circle Stock (CRCL) Stock Performance. Source: Yahoo Finance Why 41 Senators Were Enough to Stop the Bill The vote was on cloture, the step that closes debate so a bill can move forward.

It requires 60 of 100 senators. Once 41 voted no, the motion was dead. Today, I voted no on the Clarity Act, legislation meant to regulate cryptocurrency in America.The ethics provisions in this bill are simply too thin.

President Trump, his children, and his Cabinet are making billions of dollars in the crypto space, in part from bilking everyday…— Sen.