Stocks of leading cryptocurrency firms plunged 10% on Sept. 15 after the “Clarity Act” legislation failed to pass a critical vote in the U.S. Senate.

Shares of Coinbase Global (NASDAQ: $COIN) and Circle Internet Group (NYSE: $CRCL) each fell 10% on news that the Clarity Act failed to advance in the upper chamber of Congress.

The legislation received 50 votes for and 49 votes against, which was below the minimum 60 votes needed to advance the Clarity Act and move it closer to becoming law.

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The Clarity Act would provide a regulatory roadmap for digital assets such as Bitcoin (CRYPTO: $BTC) and is viewed as important to the future development of the crypto sector.

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