Coinbase and Circle Lose Billions as Senate Shuts Down Crypto Regulation Bill

The U.S. Senate voted 49-50, failing to advance the Digital Asset Market Clarity Act. Coinbase, Circle, and Galaxy Digital each fell over 8% on Tuesday. Bitcoin dropped nearly 4% in 24 hours, briefly dipping below $76,000. ARK Invest sold over $61 million in crypto holdings before the vote.