Peter Schiff Says Bitcoin Is 'Worthless' After Clarity Failure

Gold advocate and prominent Bitcoin critic Peter Schiff has renewed his attacks on the digital asset market following the defeat of the CLARITY Act in the U.S. Senate. Schiff asserted that Bitcoin is fundamentally 'worthless,' arguing that congressional legislation is unnecessary to expose its lack of intrinsic value in response to persistent market optimism. The legislative setback materialized when the U.S. Senate failed to reach the required 60-vote threshold to advance the CLARITY Act to floor debate, as all voting Democrats opposed moving the bill forward. Industry leaders expressed strong frustration after roughly 18 months of negotiations, with Galaxy Digital CEO Mike Novogratz remarking that political calculations ahead of approaching elections stalled progress and left government processes impaired. In response to the outcome, Coinbase CEO Brian Armstrong noted that while the defeat was disappointing, crypto firms must adapt their regulatory strategy rather than waiting on Congress. Armstrong pointed out that the SEC and CFTC already hold sufficient authority to establish clear operating rules for digital assets.