Crypto exchanges have liquidated roughly $571 million in bullish futures positions over 24 hours after the U.S. Senate failed to advance the CLARITY Act on Sept. 15, with Bitcoin and Ether longs absorbing around $190 million each.
Summary
- Crypto exchanges liquidated roughly $571 million in long positions during the 24-hour selloff, CoinGlass reported.
- Bitcoin and Ether longs each lost roughly $190 million as leveraged bullish positions were force-closed.
- Senate cloture failed 49-50 on September 15, leaving H.R. 3633 short of required Senate support.
- XRP longs lost around $30 million, while Solana long liquidations totaled approximately $22 million overnight.
- Bitcoin traded near $75,834 on CoinGecko, down 2% over 24 hours during Wednesday’s early session.
CoinGlass data cited by CoinDesk showed long liquidations at their highest level since Aug. 22, while short positions accounted for roughly $100 million during the same 24-hour window. The figures capture forced closures across exchanges tracked by CoinGlass and can change as the rolling period moves forward.
Bitcoin and Ether account for most long liquidations
Bitcoin and Ether produced the largest long-liquidation totals in the CoinGlass snapshot, with approximately $190 million wiped out in each asset. XRP longs lost around $30 million, while Solana longs accounted for roughly $22 million, according to the same data cited by CoinDesk.
CoinDesk explained that futures positions can be force-closed when market moves create mark-to-market losses large enough to leave posted collateral below an exchange’s required level. Traders can add collateral to keep positions open, but exchanges liquidate positions when margin requirements are no longer met.
The market report said traders had positioned for more upside before the Senate vote. Bitcoin had moved toward $80,000 earlier in the week, while Ether and some DeFi-linked tokens had been viewed by analysts as potential beneficiaries if the legislation advanced.
In related coverage, crypto.news previously examined how the CLARITY Act would treat Ethereum under the proposed U.S. market-structure framework. The legislation contemplated commodity treatment for Ethereum if its network met the bill’s mature-blockchain conditions.
CLARITY Act falls 11 votes short of Senate threshold
The U.S. Senate’s official roll-call record shows the motion to invoke cloture on H.R. 3633 failed 49-50 at 2:19 p.m. Eastern time on Sept. 15. Senate rules required three-fifths support, or 60 votes, to close debate on the motion to proceed, leaving the measure 11 votes short.
Republican Senators Susan Collins, Josh Hawley, Jerry Moran and Thom Tillis voted against cloture, according to the official tally. Democratic Senator Chris Coons did not vote.
Reuters reported that Tillis changed his vote to no in a procedural move that preserves his ability to seek reconsideration later. Senate Republicans had released revised bill text before the vote to address concerns raised during negotiations, but the revisions did not produce enough support for cloture.
Before the roll call, Senate Banking Committee Chairman Tim Scott described the vote as part of continuing negotiations over digital-asset market structure. Ranking Member Elizabeth Warren urged senators to vote no, citing concerns over ethics provisions, national security and economic stability. Both positions appeared in Senate Banking Committee material published on Sept. 15.
The CLARITY Act faced disputes involving ethics rules, stablecoin rewards, DeFi provisions and anti-money-laundering safeguards. The Sept. 15 cloture vote was a procedural test and was not a final vote on passage.
Bitcoin holds near $75,800 after pre-vote rally reverses
Bitcoin traded at approximately $75,834 in the latest CoinGecko snapshot on Sept. 16, down 2% over 24 hours. Its 24-hour range ran from roughly $75,038 to $77,703, while reported trading volume stood near $39.3 billion.
Ether changed hands near $2,483, down around 1.5% over the same period, according to CoinGecko. The token traded between approximately $2,479 and $2,608 during the preceding 24 hours.
CoinDesk reported that Bitcoin had climbed from around $77,000 on Monday to nearly $80,000 before the vote as traders followed negotiations over the bill. The rally started reversing before the final tally as expectations for successful cloture weakened, according to the outlet’s market report.
Reuters recorded a steeper intraday reaction as the Senate outcome became clearer, with Bitcoin falling more than 5% at one stage. Shares of Coinbase and Circle fell as much as 10% during Tuesday’s session, Reuters said.
Earlier crypto.news coverage had laid out the 60-vote threshold and the procedural nature of the Sept. 15 test. Its detailed CLARITY Act vote guide examined the disputed provisions before senators cast their votes.
SEC and CFTC can continue crypto rulemaking
Coinbase CEO Brian Armstrong described the Senate outcome as a disappointment after the vote. He said “The SEC and CFTC have the tools they need to create clear rules under existing authority,” while expressing his expectation that the agencies would continue work on crypto regulation. Reuters reported his comments on Sept. 15.
Agency work was already underway before the Senate vote. On Aug. 18, the SEC proposed Regulation Crypto Assets, a rule package covering certain investment contracts involving crypto assets. The proposal includes one exemption for offerings of up to $5 million over four years and another covering offerings of up to $75 million during each 12-month period.
The SEC proposal contains a conditional safe harbor under which a crypto asset could be treated as no longer subject to an investment contract if specified conditions are met. Issuers using the exemptions would remain subject to antifraud and antimanipulation provisions, while disclosure and reporting obligations differ between the two exemptions.
A March SEC-CFTC regulatory record states that the agencies had made Project Crypto a joint effort in January 2026 to coordinate federal oversight of digital-asset markets. Their work covers areas such as product and venue definitions, reporting standards, capital and margin frameworks, and coordinated use of existing exemptive authority.
As crypto.news reported before the Senate vote, Armstrong had already argued that agency rulemaking could continue if Congress did not advance CLARITY. The SEC’s Regulation Crypto Assets proposal remains in the rulemaking process, with its public comment period scheduled to remain open for 60 days following publication of the proposing release in the Federal Register.
