New Delhi: Bitcoin fell below the $75,000 mark as the cryptocurrency market came under pressure following the US Senate’s failure to advance the CLARITY Act, a major proposed framework for digital-asset regulation. The setback was accompanied by a sharp fall in several crypto-linked stocks, including Coinbase and Circle Internet Group, while investors also remained focused on the US Federal Reserve’s monetary policy decision.

Bitcoin briefly fell to around $74,900, marking a decline of more than 4% from earlier levels. It subsequently recovered some of the losses, trading around $75,500-$75,900 in different market updates. The move came after the Senate procedural vote on the CLARITY Act failed to secure the 60 votes required to advance the legislation.

Why Bitcoin fell below $75,000

The immediate focus for cryptocurrency investors was the US Senate vote on the Digital Asset Market Clarity Act, commonly referred to as the CLARITY Act.

The legislation was intended to establish a broader regulatory framework for digital assets in the US, including clearer boundaries between the regulatory responsibilities of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Crypto industry participants have argued that greater regulatory certainty could make it easier for companies to operate and develop products in the US.

However, the bill failed to clear a procedural hurdle in the Senate on September 15. Reuters reported that the vote was 50-49 in favour of advancing the measure, but this was still short of the 60 votes needed under Senate rules. Four Republican senators joined Democrats in opposing the motion. Senator Thom Tillis changed his vote to “no” in a procedural move that leaves open the possibility of reconsideration.

The vote does not by itself permanently eliminate the legislation, but it has stalled the measure at an important stage of the legislative process.

Crypto stocks also take a hit

The setback was reflected sharply in cryptocurrency-related equities.

Coinbase Global and Circle Internet Group both fell by around 9% in Tuesday trading, according to Reuters. Other crypto-linked companies also recorded losses as investors reassessed the prospects for regulatory reform.

Coinbase shares ultimately fell by more than 10% in some market updates, while Circle declined about 11.4%. Strategy, the Bitcoin-focused treasury company formerly known as MicroStrategy, also fell, while other cryptocurrency miners and digital-asset companies recorded declines.

The market reaction reflected the importance investors had attached to the legislation. A successful procedural vote would not have immediately made the CLARITY Act law, but it would have allowed the bill to move further through the Senate.

What the CLARITY Act proposed

The proposed legislation sought to create a more defined regulatory structure for the US digital-asset market.

Among other provisions, it would clarify which digital assets fall under the jurisdiction of the SEC and which could be overseen by the CFTC. The legislation also addressed registration, market oversight and other requirements for participants in the digital-asset ecosystem.

The bill had received support from the cryptocurrency industry, which argued that the existing regulatory environment created uncertainty for companies and investors.

At the same time, opponents raised concerns about areas including consumer protection, anti-money-laundering safeguards, ethics rules and the potential impact of stablecoins on traditional banking.

Before the vote, Senate Republicans released a revised version containing changes aimed at addressing some Democratic concerns. Reuters reported that the revised text included 126 substantive changes requested by Democrats, including provisions concerning public officials and crypto-related financial interests.

Those changes were not sufficient to secure the votes needed to advance the bill.

Trump administration’s crypto policy in focus

The CLARITY Act has also been closely linked to the broader cryptocurrency policy of US President Donald Trump.

Trump and his administration have supported efforts to establish a more defined regulatory framework for digital assets. Reuters reported that Trump had publicly backed the legislation, while the cryptocurrency industry had spent substantial sums lobbying for its advancement.

Democratic senators, meanwhile, raised concerns about ethics and safeguards, including the relationship between public officials and cryptocurrency businesses. Reuters reported that the revised legislation contained stronger restrictions relating to public officials profiting from their own digital-asset ventures, although disagreements remained over the scope of those restrictions.

These disagreements became one of several factors complicating bipartisan support for the legislation.

Fed decision adds another layer of uncertainty

The cryptocurrency sell-off also came as financial markets waited for the US Federal Reserve’s latest interest-rate decision.

The Fed’s two-day policy meeting began on September 15, with investors assessing the potential impact of interest rates, Treasury yields and inflation on risk-sensitive assets. Reuters had reported that Bitcoin’s late-summer recovery was already facing pressure from rising bond yields and expectations surrounding monetary policy.

Higher interest rates can affect speculative and risk-sensitive assets by making traditional fixed-income investments relatively more attractive and tightening financial conditions.

Bitcoin had already experienced a significant pullback from its recent highs. Reuters reported that the cryptocurrency had rebounded from levels around $60,000 in late August to above $70,000, but remained below its October 2025 peak of more than $126,000.

The combination of regulatory uncertainty and macroeconomic developments therefore added to volatility in the cryptocurrency market.

Bitcoin recovers slightly after initial fall

Despite the sharp move below $75,000, Bitcoin did not remain at its intraday low.

Moneycontrol reported that Bitcoin touched $74,984 before recovering to around $75,503, although it was still down more than 3% over the previous 24 hours at the time of its report.

Market analysts cited by the publication were watching the $75,000 region closely. Delta Exchange research analyst Riya Sehgal said Bitcoin had tested its 200-day exponential moving average around $75,300, while identifying the $77,000-$77,600 region as an area that could be important for a stronger recovery.

These are market-analysis levels rather than guaranteed price targets.

What happens next for crypto regulation

The Senate setback leaves the future path of the CLARITY Act uncertain. Senator Tillis’ procedural vote change means the legislation could potentially be reconsidered, but it still faces the challenge of securing sufficient bipartisan support.

For cryptocurrency companies, the immediate consequence is continued uncertainty over the timing and shape of a comprehensive federal market-structure framework.

Reuters reported that, without congressional legislation, the SEC and CFTC could continue using their existing authority to shape parts of the regulatory environment. Coinbase CEO Brian Armstrong said after the vote that the agencies already have tools available under existing authority to establish clearer rules.

For investors, meanwhile, the Bitcoin market is likely to remain sensitive to a combination of regulatory developments, interest-rate expectations, Treasury yields, oil prices and broader risk sentiment.

The fall below $75,000 therefore reflects more than one factor. The failed Senate vote removed an anticipated regulatory catalyst at a time when cryptocurrency markets were already responding to broader macroeconomic pressures.