Crypto Stocks Plunge as Senate Cancels Key Market Structure Vote - What’s Next for Digital Assets?
Washington gridlock sends crypto stocks tumbling—again.
Regulatory Whiplash Hits Markets
Another day, another political curveball. The Senate's sudden cancellation of a crucial market structure vote triggered immediate sell-offs across crypto-linked equities. Trading floors lit up with red as investors scrambled to reassess regulatory timelines.
The Waiting Game Continues
Market makers hate uncertainty more than bad news—at least with bad news you can price it in. This eleventh-hour postponement leaves everyone guessing about Washington's actual appetite for crypto clarity. Some desks reported order books thinning faster than a politician's promises during election season.
Institutional Reactions
Several major funds had positioned for this vote's outcome, with derivatives activity spiking in the preceding sessions. The delay forces another round of expensive hedging—because nothing says 'efficient markets' like paying premiums to protect against political theater.
The Silver Lining Playbook
Seasoned crypto traders see these dips as structural buying opportunities. Regulatory progress follows a predictable pattern: two steps forward, one dramatic step back for headlines. The underlying adoption metrics—wallet growth, institutional pipeline, developer activity—keep trending north regardless of D.C. drama.
What Comes Next
Watch for revised legislative calendars and committee maneuvering. Meanwhile, crypto's decentralization narrative gets an unintentional boost: when traditional gatekeepers keep fumbling the rulebook, permissionless systems look increasingly attractive.
Final thought: Maybe the real market structure was the friends we made shorting the volatility along the way.
Congress delay of crypto market structure legislation hits related stocks
Circle, which had made something of a history on Wall Street last year, dropped to $76.60 with $1.2 billion traded. Coinbase fell to $239.26 on $83.4 million volume. Robinhood crashed to $110.36. Strategy dropped to $170.93. Between them, more than $20 billion vanished.
The rest of the crypto sector went down too. Exodus dropped the most at 11.09%. Bitmine lost 5.48%. CleanSpark was down 4.42%. Riot Platforms fell 4.33%. MARA, Bitfarms, Bullish, and Canaan all took hits between 3% and 6%. PayPal, Block, SharpLink, Metaplanet, Hut 8, Neptune, and GREE all fell too. Nothing held up.
Even Exodus, with just $44K in daily trades, got caught in the selloff. Meliuz dropped 6.03%. American bitcoin Corp fell 4.26%. Gemini, Bit Digital, and Semler Scientific also went red. CIFR, PRE, BOYAF, MARA, and MTPLF all turned negative.
Earlier this week, Bitcoin jumped from $90,000 to a two-month high, just as there were rumors about the U.S. getting involved in Iran. Over $1.7 billion poured into bitcoin ETFs in just three days, the longest inflow streak in months.
But now, that’s done too. Signs came out that the U.S. wasn’t going to touch Iran. That killed the rally. Traders pulled out. Stocks fell. No real buyers showed up. The ones who got in earlier this week are now running for the exit.
Some stocks held up. Galaxy Digital popped 13.46%, trading over $849 million. Bitdeer ROSE 3.39%. Nexon and Net Holding also went green. But those are the few exceptions. Most crypto names are getting crushed today.
The Dow somehow closed higher, up 292 points to 49,442. S&P 500 ended at 6,944, and the Nasdaq finished at 23,530. But none of that helped crypto stocks. They’re in their own world today, and that world is bleeding.
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