CLARITY Act Setback 'Not Major' As Crypto Stocks Tumble 10%: What's Next For The Industry?

The CLARITY Act, which was designed to establish a comprehensive regulatory framework for cryptocurrencies and digital assets failed to secure a key procedural Senate vote, resulting in a sharp selloff in bitcoin linked stocks. Shares of Coinbase Global and Circle Internet Group tumbled around 10% following the development. Despite heavy losses in crypto-linked stocks, expert believes the Senate vote for the CLARITY Act was not a major setback. In an interaction NDTV Profit, Ajeet Khurana, Founder of Reflexical said, "CLARITY Act was to pass several times in the past. So when the first time it could not pass, it was a big blow. But when it happens, like for the fifth time, it is a setback, but not a very big one."