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Crypto-linked equities slid again after the U.S. Senate failed to move forward the Digital Asset Market Clarity (CLARITY) Act through a key procedural vote, leaving the bill’s timeline in serious doubt. According to Yahoo Finance data cited in coverage, shares of Coinbase, Circle, and Strategy continued to trade lower into Wednesday.

While the selloff affected multiple parts of the crypto market, Saxo Bank said the impact is not uniform—exchange operators like Coinbase face a more direct regulatory exposure because market-structure rules can shape registration requirements, eligible assets, and who is allowed to participate in U.S. crypto markets.

Key takeaways

• Saxo Bank highlighted Coinbase as the most directly exposed company to CLARITY because market-structure provisions could determine its core trading operating model in the U.S.
• Circle’s exposure is more closely tied to U.S. stablecoin adoption and earnings from reserves, while Strategy’s performance depends primarily on its Bitcoin holdings and financing.
• The CLARITY Act failed a procedural vote on Tuesday (49-50), falling short of the 60 votes required to advance.
• Ethics provisions remained a major sticking point even after last-minute concessions.
• The Senate’s limited remaining calendar before the Nov. 3 midterm elections and Dec. 18 adjournment creates a narrow window for any revival of the legislation this year.

Why the bill matters more for exchanges

In a Wednesday note, Saxo strategist Ruben Dalfovo argued that exchanges may be more vulnerable to CLARITY’s final shape than other crypto-linked businesses. The reason is straightforward: if Congress adopts “market-structure” rules, those provisions can influence whether firms must register in particular ways, what assets can be traded, and the conditions under which investors and participants can access U.S. crypto markets.

“Coinbase is most exposed to clearer market rules because trading and crypto participation directly affect its business,” Dalfovo wrote.

That distinction is important for investors trying to parse a sector-wide move after procedural legislative setbacks. Even though the same headline—CLARITY failing to advance—hit crypto stocks broadly, Saxo’s framework suggests the regulatory “transmission mechanism” differs by business model.

Different exposures across Coinbase, Circle, and Strategy

Saxo’s note separated the companies into different regulatory sensitivities.

Circle’s business, Dalfovo said, is more tightly linked to adoption of its U.S. dollar stablecoin, USDC. The firm’s revenue dynamics are also connected to interest earned on its reserves—so stablecoin-related policy developments and the broader environment for regulated stablecoins may matter more for Circle than exchange-specific rules.

For Strategy, Saxo described exposure as primarily driven by its Bitcoin holdings and financing structure. In other words, the company’s near-term performance is less about trading-market participation rules and more about its capital structure and BTC exposure.

Despite these differing exposures, the market still reacted as a group. Cointelegraph reported that shares of the three companies fell between 5% and 10% after the Senate procedural vote, even though the potential implications for each business are not identical. Early Wednesday trading continued the pressure, with Coinbase, Circle, and Strategy down between 2% and 6% according to Yahoo Finance data.

The procedural defeat and the ethics hurdle

CLARITY’s setback came on Tuesday when senators voted 49-50 against invoking cloture on a motion to proceed. That procedural step is often crucial because it limits further debate and allows a bill to move toward consideration on the Senate floor. In this case, it fell far short of the 60 votes needed.

According to the reporting referenced in the article, ethics provisions remained a major sticking point. Even with last-minute concessions aimed at addressing concerns over public officials’ crypto-related interests, lawmakers did not reach consensus sufficient to move the bill forward.

This matters because procedural votes are frequently treated by markets as a signal about whether legislative momentum exists. When cloture fails, the practical likelihood of reaching a final vote can drop sharply—especially in a shorter session with competing priorities.

Narrow time window in the Senate

The failure also significantly narrows the bill’s prospects for the rest of this Congress. The Senate has a limited legislative calendar around the Nov. 3 midterm elections and is targeting Dec. 18 for adjournment, which leaves fewer opportunities to revive the bill and schedule additional votes before the current term ends.

In practical terms, that creates uncertainty for firms and investors that have been watching CLARITY as a potential source of clarity. The bill is not just “on or off” but may effectively move into a delayed or uncertain future depending on whether new negotiations can overcome the ethics concerns.

For exchange operators in particular, the stakes are tightly linked to how market-structure rules ultimately land—because those rules can determine operating requirements and trading scope. For stablecoin issuers, the policy pathway may be more about adoption and reserve treatment, while for Bitcoin treasury companies the key variable remains the interplay between crypto regulation and their BTC-focused strategies.

Going forward, traders and investors will likely watch whether CLARITY returns to the agenda before the end-of-year deadline, and whether the Senate can reach a workable compromise on the ethics language that stalled the cloture vote.

Whitney Leavitt just staged an unexpected MomTok reunion!

Former and current Secret Lives of Mormon Wives cast members came together on Tuesday, September 15, to cheer on Whitney’s husband, Conner Leavitt, at the season 35 premiere of Dancing With the Stars.

Whitney shared a video via TikTok in support of Conner, which featured fellow MomTok members Mayci Neeley and Mikayla Matthews — and former costar Demi Engemann.

“Mommy needed some back up 😛👀,” Whitney, 33, wrote over the video as she tried to rally viewer votes for Conner, 32, during Tuesday’s DWTS season premiere.

Related: ‘Mormon Wives’ Couples Status Check: Who Is Still Together? Who Broke Up?

For some The Secret Lives of Mormon Wives couples, going on a reality TV show made their marriage stronger — while others crumbled under the pressure. When Hulu debuted The Secret Lives of Mormon Wives in September 2024, viewers were introduced to Jen Affleck and husband Zac Affleck, Demi Engemann and husband Bret Engemann, Whitney […]

She captioned the post, “MOMTOK RIDES AT DAWN!!”

Despite Whitney bringing MomTok stars past and present together to support her husband, Conner was the first contestant eliminated from DWTS season 35 alongside professional partner Adele Zaikman.

Demi, 31, left Mormon Wives during production on season 4, which aired in March, amid scrutiny over what happened between her and Marciano Brunette when they filmed Vanderpump Villa in 2024.

Demi previously accused Marciano of “unwanted touch” during production of the show in Italy. Marciano, 33, later filed a lawsuit against Demi, accusing her of damaging his reputation by claiming he was a “sexual predator.”

“The truth is straightforward. Engemann and Marciano met while filming in Italy. They flirted. They spoke privately. They shared a consensual kiss. They separated,” Marciano’s lawsuit, filed in December 2025, read. “After filming, Engemann stayed in contact with Marciano for months through calls, FaceTime, texts, invitations, and even location sharing. That behavior confirms a continued relationship, not a person reacting to sexual assault.”

Marciano and Demi settled the lawsuit out of court in August.

“Demi Engemann, [Mormon Wives producers] Jeff Jenkins Productions LLC, and Marciano Brunette have reached an agreement out of court resolving all claims among them,” a spokesperson for Demi told Us at the time. “The parties will have no further comment on the matter.”

Demi appeared on the first three seasons of Mormon Wives, costarring alongside Whitney, Mayci, Mikayla, Taylor Frankie Paul, Layla Taylor, Jen Affleck and Miranda McWhorter, who joined the cast in season 2.

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Whitney announced her departure from the show earlier this year, concluding her stint with the show’s recently aired fifth season.

Earlier this week, Mikayla, 26, confirmed her exit midway through production on season 6, citing Taylor’s involvement in the new season despite recent personal and legal issues.

“I’ve said from the beginning of this that I’m not comfortable being a part of something that continues to platform behavior I don’t agree especially given my own experience growing up in a home with multiple forms of abuse,” Mikayla said via Instagram. “There’s no amount of money worth going against my morals or changing the stance I’ve had since I first saw and heard the things that made me feel this strongly.”

Brighton only made it as far as the fourth round last time out, losing to eventual finalists Arsenal, and Fabian Hurzeler will be keen for a sustained cup run. He has his work cut out for him, though, with as many as ten first-team players including Yankuba Minteh and Kaoru Mitoma set to miss out through injury at Old Trafford. The youngster JJ Gabriel will miss out for United, though, after putting in a transfer request.

Russian spies are using Telegram and crypto to entice teenagers and young adults across Europe to carry out acts of sabotage and violence.

That’s according to a study released by the Institute for Strategic Dialogue (ISD) and shared with the i Paper. 

The study revealed that Russian actors are targeting teenagers and young adults via a network of Telegram groups called “com networks” in which participants compete for clout by uploading harmful content.

I Paper discovered two clips shared in these groups took place in the UK. In one instance, someone filmed themselves smashing a car that belonged to a care worker. 

Apple supplier SK Hynix allegedly wants to start producing memory on U.S. soil, and it’s asking for help from Intel to make it happen.

The global memory crisis is causing companies to pay high prices for the chips, while producers make plans to expand production. The situation may result in the unusual move by SK Hynix to bring RAM manufacturing to an entirely new continent.

According to sources of Reuters on September 16, SK Hynix is in talks with processor maker Intel over plans to make memory in the United States.

The sources say that SK Hynix could potentially lease a section of Intel’s planned Ohio facility. There’s also the prospect of SK Hynix creating a joint venture with Intel and AI companies that are consuming memory supplies on future production.

The talks are described as exploratory in nature, and no plans have been set in stone. Other deal structures are also being planned.

While the prospect of more memory production sounds great under the current economic climate, any agreement with Intel about its Ohio production won’t be immediately helpful. Nor will it be for years.

Intel floated the plan to build the $20 billion facility in 2022, and originally intended to open the first by 2025. However, they are now planned to be completed between 2030 and 2032.

SK Hynix’s own plans to massively expand its memory production locally also won’t help anytime soon. Announced in August 2026, the $38.3 billion effort will make two new semiconductor fabrication plants in South Korea, but that won’t conclude until 2029.

Political good, political bad

The move could be a considerable win for the United States and the Trump Administration, which wants to increase US-based production.

Back in June, the administration claimed a massive win by saying Intel was making chips for Apple. SK Hynix memory production would be considered another victory, especially as it is a supplier for Apple products.

However, this would depend on SK Hynix being allowed to make such a deal in the first place. Sources say that the South Korean government could step in and block such an initiative due to the sensitivity of the technologies.

A role reversal

If SK Hynix and Intel do make some form of deal, it would complete one capitalistic circle of sorts.

In 2020, SK Hynix bought Intel’s NAND SSD business, NSND component and wafer business, and a Dalian NAND memory manufacturing facility in China. At the time, Intel retained its Optane business.

At the time, the transaction cost SK Hynix $9 billion.