Bitcoin price fell to $83,415 a few minutes ago. The SEC promises to take action to make things easier for cryptocurrencies. The Senate advances cryptocurrency legislation, but most cryptocurrencies continue the day with double-digit losses.
Cryptocurrency Law is Advancing
The meeting, planned for Tuesday and postponed due to weather conditions, was held today. Senate Agriculture Committee sent the draft cryptocurrency bill to the Senate plenary without bipartisan support.
The vote was 12-11, and this legislation gives new powers to the Commodity Futures Trading Commission. As we have explained in detail before, we are talking about a comprehensive law that allows most cryptocurrencies to be classified as commodities and those that identify them as securities can be converted into commodities.
The second part, dealing with the Securities and Exchange Commission, which falls under the jurisdiction of the Senate Banking Committee, will also be consolidated. So, for one of the two committees, the process has been completed for now.
So why is the bill narrowly heading to the Senate without bipartisan support? Agriculture Committee Chairman John Boozman and Senator Cory Booker negotiated the legislation for months but could not reach a compromise due to “fundamental policy disagreements” between Democrats and Republicans. Democrats want crypto-specific political ethics articles to be included in the law. Trump is uncomfortable with this.
Republicans also did not approve two amendments introduced by Senator Dick Durbin that sought to prevent crypto ATM fraud and ban some crypto companies from receiving federal bailouts. The bill is yet to be voted on by the Senate, but without bipartisan support. Trump’s It’s hard to get ahead. This is in 2026 cryptocurrency market clarity law It shows that it may not come into force.
Bitcoin Crashes, Cryptocurrencies Fall
Gold And silver experienced a sharp decline. The stock market is falling, and we mentioned during the US market open that Microsoft’s double-digit losses could be painful for crypto. And so it was. A long position worth $914 million was liquidated in the last 24 hours, and $542 million of it was liquidated in the last 4 hours.
SOL, ADA, ETH and other altcoins While it loses between 8-10%, BTC continues the day with a loss of 6.4%. ETF outflows and possible Asian sell-offs are likely to jeopardize $80,000 for BTC in the coming hours. If buyers do not interpret the ongoing decline as cheapness, the collapse may begin with a deeper bottom reaching $76,000 for BTC. BTC should reclaim $84,300.
