Coinbase and Circle drop more than 10% after CLARITY Act failure
- —Senate rejected the CLARITY Act: 49 against 50, with a 60-vote threshold
- —Coinbase fell 10.10%, Circle dropped 11.41%
- —Galaxy Digital −8%, Gemini −7%, Bullish −5%, eToro and Robinhood −3%
- —Polymarket odds of the law being signed in 2026 fell from ~20% to 5%
Why it matters: The bill was meant to establish rules for stablecoins and divide SEC and CFTC authority; without it, Coinbase and Circle's USDC revenue remains vulnerable to a change in administration.
Source: Newsbit