Bitcoin Falls Below $76,000 After Senate Blocks CLARITY Act in 49-50 Vote

Bitcoin dropped nearly 3% to below $76,000 on Oct. 5 after the U.S. Senate rejected a procedural motion to advance the Digital Asset Market Clarity Act in a 49-50 vote, short of the 60 needed. HYPE, the Hyperliquid token, fell about 4% to below $78 as most major tokens declined. The CLARITY Act would have split digital asset oversight between the CFTC and SEC, replacing a system largely shaped by enforcement actions and litigation. Four Republicans joined 46 Democrats in opposing the measure. Sen. Cynthia Lummis said afterward, "I think we're done. It's over." With midterm elections seven weeks away, the bill's return is unlikely before 2027. The SEC and CFTC are expected to accelerate their own rulemaking, though agency rules lack the durability of legislation a future administration could not easily unwind.