Bitcoin Falls to $75,586-$75,942 on September 16, Down 3.3 Percent After Senate Fails to Advance Clarity Act in 49-50 Vote on Tuesday

Bitcoin opened at $75,586.51 on Wednesday September 16, down 3.3 percent from Tuesday's opening price, and traded at $75,942.49 as of 7 AM ET, according to Yahoo Finance, Fortune, and CoinDesk. The price fell below $76,000 following the US Senate's failure on Tuesday to advance the Digital Asset Market Clarity Act, which was defeated 49-50 in a procedural cloture vote that fell far short of the 60 votes required to proceed. Ethereum opened at $2,397.64, down 4.6 percent from Tuesday, and traded at $2,404.43 as of 7:12 AM ET. Crypto prices tumbled ahead of the Federal Reserve's 2 PM ET interest rate decision, with 92 percent odds priced for a quarter-point hike to 3.75-4.00 percent, marking the first increase since 2023. The Clarity Act's defeat dealt a major blow to the crypto industry's push for comprehensive market structure regulation, with Senator Cynthia Lummis, the bill's top champion, saying it's over if the procedural vote failed. Democrats withheld support over concerns about ethics restrictions on profits gained from crypto ventures by President Trump and his family, despite Republican negotiators adding new provisions on Sunday. Coinbase Global shares fell roughly 8 percent and Circle Internet Group shares dropped about 11 percent in afternoon trading on Tuesday. Polymarket odds of the Clarity Act becoming law in 2026 plummeted to 14-18 percent following the vote, down from around 30 percent on Monday. The failed vote likely means the crypto industry will wait until 2027 for clearer federal rules, with midterm elections in seven weeks and senators scheduled to leave Washington in early October.