Bitcoin prices slumped ahead of a highly anticipated cloture vote on the Clarity Act, a key bill that would establish a comprehensive regulatory framework for the leading cryptocurrency.

Bitcoin declined $2,212, or 2.8%, to below $76,900 at 12:06 GMT on Tuesday. Despite last week’s rally, bitcoin has turned negative and is now down almost 2% over the last seven trading sessions.

Year-to-date, bitcoin is down more than 12%.

The Senate is scheduled to vote on procedure Tuesday at 2 p.m. EST. This is not a vote on final passage, but on whether to continue with debate. It requires 60 votes, including eight Democrats, to pass.

Republicans released an updated version of the legislation following a series of demands from both Senate Democrats and the banking industry.

Democratic lawmakers requested stronger ethics regulations to prevent President Donald Trump and his family from profiting off their crypto ventures.

The banking industry asked for a “circuit breaker” if investors shift deposits from community banks to high-yielding crypto accounts.

GOP officials say they have satisfied both demands. The bill now allows state attorneys general to impose stricter ethics requirements on elected officials. Additionally, the legislation instructs the Treasury Department to act when the circuit breaker is triggered.

So far, a chorus of banks and a couple of Democrats have said they are not satisfied.

As a result, prediction markets are skeptical that the Clarity Act will move forward by the year’s end.

According to Polymarket, the odds of H.R. 3633 being signed into law this year sit at 20%.

In other crypto markets, ether tumbled more than 1% to below $2,500. XRP ticked up 0.45% to $1.40. Cardano fell 2.4% to $0.2048. Solana dropped 0.6% to below $101.