Crypto stocks slide as CLARITY Act stalls in Senate

The selloff shows how much of the crypto-equity trade had been priced against a legislative catalyst rather than earnings or adoption, so a procedural setback in the Senate transmits directly into share prices. It matters most for listed intermediaries and miners whose valuations lean on a clearer U.S. rulebook, and it cuts both ways: delay removes near-term clarity but also defers the compliance costs the bill would have imposed. Whether the bill is revived in a later session, and whether equities keep trading as a proxy for legislative odds, is the open question.