Leading cryptocurrencies fell sharply on Monday, July 27, as investors weighed developments around the Clarity Act and a pause in U.S.–Iran hostilities.
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The SEC confirmed this Monday that the cryptocurrency bill is moving forward in the United States Congress. The regulator’s president, Paul Atkins, said that the text “is closer than ever to becoming law.” The news came accompanied by a pronounced collapse in the market: Ethereum and Bitcoin have sunk between 12% and 15% in the last 24 hours, erasing the accumulated profits so far this year. Double reading is inevitable. On the one hand, the reg…