Crypto stocks sink after Senate rejects Clarity Act

Coinbase COIN $ 172.05 · Market Closed was down nearly 9% at $174.42, while stablecoin issuer Circle CRCL $ 86.23 · Market Closed dropped 9.4% to $88.26. Galaxy Digital GLXY $ 22.27 · Market Closed lost 8% and Gemini (GEMI) fell 7%.

The pain spread across the sector. Robinhood HOOD $ 110.45 · Market Closed was down 3%, Bullish BLSH $ 35.46 · Market Closed lost 5% and eToro (ETOR) fell 4%.

Among crypto miners, Riot Platforms RIOT $ 19.73 · Market Closed dropped 5%, while MARA Holdings MARA $ 11.24 · Market Closed , CleanSpark CLSK $ 12.63 · Market Closed , IREN and Core Scientific CORZ $ 16.07 · Market Closed were all down between roughly 3% and 4%.

The declines came after the Senate voted 49-50 on a procedural motion to advance the Digital Asset Market Clarity Act, well short of the 60 votes required.