Crypto exchanges liquidated about $571 million in bullish futures positions over the past 24 hours after the CLARITY Act failed a Senate procedural vote, the highest total since Aug. 22, according to CoinGlass. Short positions accounted for about $100 million of the liquidations, while bitcoin and ether longs each suffered roughly $190 million in losses. XRP longs lost about $30 million and Solana longs about $22 million. Markets had been positioned for further gains, particularly in ether and DeFi (decentralized finance) tokens, after reports that President Donald Trump was willing to make concessions on the bill’s ethics provisions. Bitcoin rose from about $77,000 on Monday to nearly $80,000 before the rally began reversing as reports indicated Democrats still opposed the measure. The Senate ultimately blocked the CLARITY Act in a 49–50 procedural vote. The CFTC (U.S. derivatives regulator) and SEC (U.S. securities regulator) can still pursue their own rule making, leaving regulatory momentum with the executive branch and independent agencies. Forced liquidations can intensify market volatility, but bitcoin remained within its recent range at around $75,700, according to CoinDesk data.