Crypto assets fell sharply this evening after the long-awaited Clarity Act, a key piece of crypto legislation, failed to pass a Senate vote. As of 4.33 PM on Sept. 15, Bitcoin (CRYPTO:BTC) had fallen 4.7% to $75,758.66, Ethereum (CRYPTO:ETH) was down 7.6% to $$2,398.80, and Solana (CRYPTO:SOL) dropped 6.5% to $96.71. The total crypto market cap was down 3.7% to $2.68 trillion.

What’s driving crypto markets

Cryptocurrencies and crypto stocks slid during intraday trading as traders eyed this evening’s Senate vote. Prices fell even further following a 49-50 vote on the Clarity Act, which had needed 60 votes to pass. Rising oil prices and a high likelihood that the Federal Reserve will raise interest rates also…