Bitcoin Drops Below $76,000 as Senate Rejects CLARITY Act Vote

The US Senate rejected a cloture motion for the CLARITY Act (H.R.3633) on Thursday with a 49-50 vote, preventing it from moving to full committee consideration. Axios reported Bitcoin (BTC) dropped below $76,000 following the vote. The CLARITY Act aims to establish regulatory frameworks for digital assets by clarifying jurisdiction between the SEC and CFTC. While the bill itself was not rejected, the cloture motion failed to secure the required 60 votes needed to advance it to full debate. Democratic senators cited concerns over weak ethics provisions, anti-money laundering measures, and oversight gaps in the legislation. Senator Elissa Slotkin stated the bill's ethical clauses were "too weak." Senate Financial Services Committee Chair Tim Scott argued that SEC and CFTC must establish clear digital asset rules before Congress enacts legislation. The Federal Reserve raised interest rates by 25 basis points on Friday, setting the target range at 3.75%-4.00%, with a unanimous 12-0 vote. While Bitcoin declined following the rate hike, the Fed did not cite cryptocurrency price movements as a factor in its decision. Bitcoin's hash rate showed mixed trends: it rose to approximately 1.01 ZH/s on May 15 before dropping to 890 EH/s on May 16 and further to 808 EH/s on May 17. Hash rate fluctuations reflect network computing power but should be analyzed over longer periods rather than single-day data.