The U.S. Senate rejected cloture on the motion to proceed with the CLARITY Act, a key cryptocurrency market-structure bill, falling well short of the 60 votes required. Bitcoin initially dropped, while short-term holders sent more than 23,000 BTC to exchanges at a loss, worth nearly $1.8 billion. CryptoQuant analyst Darkfost described the transfers as the largest short-term-holder capitulation event in about a month, although exchange deposits indicate potential selling pressure rather than confirmed sales. Santiment Intelligence said traders began repricing the bill's declining passage prospects before the vote, with Bitcoin rising above $79,500 before retreating to $76,000 on September 15. Discussion of the legislation surged after the failed vote, exceeding levels recorded when the bill advanced through the Senate Banking Committee in May. The failed cloture vote delays the legislative process but does not permanently end the bill, leaving another procedural attempt possible. Attention has now shifted to the Fed and the FOMC (Federal Open Market Committee) meeting today.