Senate Blocks Crypto Bill — Bitcoin Drops 4% Before the Fed Decision
The Senate just failed to advance a major crypto regulation bill, and markets reacted fast. Bitcoin fell about four percent, while Coinbase and Circle each dropped about nine percent. The vote was forty-nine to fifty, short of the sixty needed to move forward on a federal framework for digital assets.
The timing makes it worse. Bitcoin was already under pressure from rising Treasury yields and Fed hike expectations, and now regulatory uncertainty is back on the table. The next test hits at two p.m. Eastern with the Fed's rate decision.
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