US Senate rejects Digital Asset Market Clarity Act, Bitcoin drops below $75,000

The US Senate failed to pass the Digital Asset Market Clarity Act, a bill intended to define regulatory oversight between the SEC and the CFTC. Despite months of negotiations and concessions, including 126 amendments, the motion failed to reach the required threshold. Opposition from banking associations regarding stablecoin timelines and concerns over ethical safeguards for executive officials contributed to the defeat. Following the news, Bitcoin fell below the $75,000 support level, triggering widespread market liquidations.