Crypto exchanges liquidated about $571 million in long futures positions after the Clarity Act failed to clear the 60-vote procedural threshold in the U.S. Senate. According to Odaily, Bitcoin and Ether long positions suffered the largest losses, at about $190 million each.

The market had risen earlier on expectations that the bill would advance before pulling back. Future regulatory action will shift to the U.S. executive branch, the Commodity Futures Trading Commission, and the Securities and Exchange Commission.