MicroStrategy (MSTR, Financials), the largest corporate holder of bitcoin (BTC-USD), slid more than 5% Friday afternoon even as the crypto industry scored a legislative win long seen as transformational.

The U.S. House passed the CLARITY Act, a sweeping bill that finally splits crypto regulation between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Industry leaders called it a milestone for American innovation. The bill now heads to the Senate.

The move follows last week’s passage of the GENIUS Act, a stablecoin-focused bill expected to unlock new capital flows into digital assets. Executives at Ripple and Coinbase called the two bills foundational for the future of U.S. crypto…