Crypto markets came under pressure after the US Senate failed to advance the CLARITY Act. $BTC fell below $75k, while the total crypto market cap declined to around $2.70T. More than $300M in long positions were reportedly liquidated within 20 minutes of the vote. With bipartisan negotiations breaking down and the bill falling short of the 60 votes needed for cloture, attention now turns to what comes next for US crypto regulation.