The Digital Asset Market Clarity Act, the flagship crypto market structure bill long sought by the digital asset industry, stalled in the U.S. Senate on Tuesday after failing a key procedural vote, unleashing broad selling pressure across digital asset markets and cryptocurrency-related equities.

The proposed legislation required a supermajority of 60 votes to advance — the threshold the Senate sets under its cloture rule for cutting off debate on most legislation — but secured just 49 in favor, a 49-50 outcome that fell well short of the mark. The setback stalls the market structure bill, although it leaves open the possibility of another vote.

BREAKING: The CLARITY Act has FAILED its Senate procedural vote short of the 60 votes needed to advance. The setback stalls the crypto market structure bill but leaves open the possibility of another vote. pic.twitter.com/gDGCYG3Hir

— Coin Bureau (@coinbureau) September 15, 2026

Had it passed, the legislation would have expanded the Commodity Futures Trading Commission's jurisdiction over cryptocurrency spot trading and established more transparent guidelines for regulating blockchain-based ventures across the United States, drawing clearer boundaries in an area where regulatory authority is currently shared between the CFTC and the Securities and Exchange Commission.

Crypto-Linked Equities Slide

Coinbase Global, Inc. (COIN) tumbled nearly 9% during Tuesday's trading session, completely reversing Monday's 9% advance. Circle's stock collapsed by more than 11%, wiping out most of the previous day's 7.5% surge. Galaxy Digital shed 8%, while Gemini declined 7%.

Robinhood's shares decreased 3%, Bullish experienced a 5% reduction, and eToro slid 4%.

Digital currency mining companies were not spared from the downturn. Riot Platforms saw a 5% drop, while MARA Holdings, CleanSpark, I, and Core Scientific each registered losses ranging from 3% to 4%. Strategy, which holds the largest corporate Bitcoin position, retreated 5.4% on Tuesday.

Bitcoin itself declined roughly 4% across a 24-hour period, momentarily dropping under the $76,000 threshold and approaching the $75,000 level. Ethereum recorded a 3.1% loss, while XRP tumbled 8%. Year-to-date, Bitcoin has fallen approximately 13% and currently trades about 45% beneath its record peak of $126,199.

Digital asset markets had experienced gains on Monday following the publication of a revised version of the bill. Sentiment shifted dramatically, however, once lawmakers rejected the measure.

ARK Invest Reduces Cryptocurrency Holdings

Just 24 hours before the Senate decision, Cathie Wood's ARK Invest divested more than $61 million worth of cryptocurrency-linked positions.

ARK liquidated 36,628 Coinbase shares from its ARK Innovation ETF, representing more than $7 million in value. The firm also reduced its Circle holdings across two exchange-traded funds, disposing of 142,350 shares valued at roughly $13.86 million. Additionally, the investment manager trimmed its position in its proprietary ARK 21Shares Bitcoin ETF, selling approximately 1.53 million shares for more than $40 million.

Broader Caution Ahead of Federal Reserve Announcement

The legislative outcome was not the sole factor weighing on markets on Tuesday. Market participants were also exercising caution ahead of an anticipated Federal Reserve announcement that was expected to feature an interest rate increase. Both the Nasdaq and the S&P 500 indices closed lower.

Attention now turns to the Federal Reserve's announcement and to whether supporters of the bill attempt to bring it back for another vote.

Analysts See Room for Regulatory Progress

Morgan Stanley's Felix Stratmann noted that while the bill's immediate prospects have diminished significantly, it has not been completely shelved. He emphasized that the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission retain the ability to push forward digital asset regulations through standard administrative procedures — a route that does not require another vote in Congress.

Needham's John Todaro observed that the unsuccessful vote effectively concludes attempts at comprehensive crypto market structure legislation this year, but characterized the environment as “business as usual for crypto exchanges.” He suggested the market correction might present an attractive entry point for investors considering Coinbase and Robinhood.

The Clarity Act's rejection means cryptocurrency firms must continue operating without the comprehensive regulatory clarity they have been seeking from U.S. lawmakers, with day-to-day oversight by the SEC and CFTC — rather than a single overarching statute — set to shape the sector's operating environment in the meantime.

This article originally appeared on Blockonomi.