US Senate sinks crypto Clarity Act 49-50 as bitcoin slips to a September low

The US Senate voted 49 to 50 on Tuesday on the Digital Asset Market Clarity Act, 11 votes short of the 60 needed to move it forward. Bitcoin had already slid to $75,560, its lowest level so far in September, as bond yields around the world climbed.

At this morning's rates, one bitcoin is worth about Rs 21 million and one ether about Rs 666,000.

What the Clarity Act was

The bill, more than 600 pages after months of compromise talks, would have set out how US regulators treat different kinds of crypto tokens and handed the Commodity Futures Trading Commission (CFTC) authority over crypto spot markets. It was the furthest a US crypto market-structure law has ever reached.

It failed over the last few sections, CoinDesk reported, including ethics provisions meant to stop senior government officials from keeping crypto business ties. Several Republicans voted no. With US midterm elections on 3 November, few in the industry expect another attempt before a new Congress sits in January. Prediction market Polymarket put the odds of the bill becoming law in 2026 at 14% before the vote.

Prices this morning

Rupee values use Rs 277.72 per dollar. Bitcoin had traded as high as $79,600 on Monday before the fall. Track both on our bitcoin price and ether price pages.

Why prices fell

• Rates are rising. The US 10-year Treasury yield hit 5.041%, the highest since June 2007. When safe government bonds pay more, speculative assets lose some appeal.
• Oil is above $100. Brent crude near $106 is feeding inflation worries, which keep central banks cautious.
• Regulation is stuck. The failed vote leaves US rules to the SEC and CFTC, rather than a single law.

What it means for crypto holders in Pakistan

Pakistan now has its own rulebook. The Pakistan Virtual Assets Regulatory Authority (PVARA) notified licensing regulations under the Virtual Assets Act, 2026 and opened a licensing portal in August. Existing platforms had to apply by 5 September 2026; those that did not must stop offering services, and carrying on without an application is treated as an offence. Licensed providers must keep customer assets separate from their own and cannot lend them without written consent.

What to do

1. Check your platform. Confirm it has applied for or holds a PVARA licence before you deposit more rupees.
2. Size positions for swings. Bitcoin fell about $4,000 from Monday's high to Tuesday's low. Only put in money you can leave alone.
3. Keep records. Note every buy and sell with the date and the rupee amount; a tax adviser will ask for them.
4. Convert with care. Use the currency converter to check the rupee value quoted by any P2P seller.

The next US signals to watch are Federal Reserve rate expectations and oil prices; the Clarity Act itself is unlikely to return before January.