Bitcoin Dips as GOP Rejects CLARITY Act Offer
Bitcoin hovered near $76,279 following a 2.77 percent decline over 24 hours, pressured by regulatory developments and broader macroeconomic uncertainty. According to CoinGape, the wider cryptocurrency market capitalisation contracted by 2.16 percent to settle at $2.61 trillion as traders reduced exposure ahead of an anticipated Federal Reserve policy decision.
The downside movement coincided with legislative deadlock in Washington. Reports indicate that Republican lawmakers rejected a Democratic counteroffer on the CLARITY Act just hours before a scheduled procedural Senate vote. Republican negotiators maintained that their current legislative draft is final, dismissing proposed changes from Democrats regarding ethics protections, state regulatory authority, illicit finance controls, and stablecoin reward structures.
Market participants monitored the legislative impasse closely, as the CLARITY Act remains a focal point for digital asset regulation in the United States. Ethereum also retreated during the session, trading near $2,420 following deeper daily losses, while XRP hovered around $1.39 amid persistent volatility. Analysts note that ongoing friction between lawmakers regarding enforcement powers continues to create a cautious trading environment across major digital assets.
Based on reporting by coingape.com.
