Clarity Act Rejected, Bitcoin -3.65% and Ethereum -5.34% Drop

America's crypto market structure legislation ultimately failed to pass. According to Coin360 data as of June 16, Bitcoin (BTC) fell 3.65% to $75,697 compared to the previous day. Ethereum (ETH) dropped 5.34% to $2,399, while XRP plummeted 10.49% to $1.2866. Solana (SOL) declined 5.53%, and Binance Coin (BNB) fell 0.87%. BTC dominance remained at 58.81%.

XRP, which was expected to benefit significantly as it was listed alongside Stellar (XLM) in the Clarity Act draft as a representative example of digital assets, saw the largest decline following the rejection.

On June 15 (local time), the Senate attempted a cloture vote on the Clarity Act but failed to reach the required 60 votes with a 49-50 result. Republican senators Susan Collins (Maine), Josh Hawley (Missouri), and Jerry Moran (Kansas), who are typically seen as innovation-friendly, cast 'no' votes. Senator Tom Tillis also opposed the motion in a reconsideration vote.

Democratic senators including Kirsten Gillibrand, Mark Warner, Cory Booker, Raphael Warnock, Ruben Gallego, Angela Alsobrooks, and Catherine Cortez Masto all voted against the bill, causing the bipartisan agreement to collapse at the last moment.

The failed vote effectively ends market structure legislation work by 2026. The bill had passed the House in July of last year with a 294-134 vote and was approved by the Senate Banking Committee in May with a 15-9 vote, but could not resolve disagreements over ethics regulations, anti-money laundering provisions, and stablecoin revenue distribution. This outcome contrasts sharply with expectations formed after President Trump accepted 80% of Democratic demands on June 13.

Market attention has now shifted entirely to the FOMC decision scheduled for June 16, with concerns that a hawkish result could intensify downward pressure on prices.