Bitcoin since Trump's return, and what the Senate's CLARITY Act defeat means for India

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Bitcoin's had an interesting time ever since Donald Trump stepped back into the White House. Now, with a failed Senate vote last month, Indian traders have plenty to talk about.

Where does Bitcoin stand for Indian buyers right now?

Bitcoin's holding up, even with that hit it took from Washington. Indian buyers feel all those global moves in their own pockets, with every shift playing out in rupees. On 8 October 2026, Bitcoin INR traded around Rs 7,915,003.15 on Binance, a leading cryptocurrency exchange, down about 2% over the past 24 hours.

It's been quite a ride to end up there. Trump's push for crypto gave the market a boost, but then a stalled Senate bill pulled it back down. The U.S. still calls the shots in global crypto sentiment, and it usually ripples to Indian traders within hours.

What has Bitcoin's price done since Trump returned?

Bitcoin has darted from record highs, crashed hard and then found its footing again. It hit a high of $126,198 in October 2025, but most of 2026, it's hovered below that peak, according to Yahoo Finance.

Summer wasn't kind. July and August saw Bitcoin stuck in a tight range, and the shakeout on 19 August spooked the market, according to Bloomberg. Then, the day after, Trump spoke at a White House summit, pushing Congress to back crypto legislation, according to Reuters. Suddenly, Bitcoin surged more than 11% in a single day, according to QZ. It shows you just how much sway the president's words have.

Which crypto-friendly policies has Trump introduced?

Trump's second term brought two big changes for crypto so far: The U.S. now has a Bitcoin reserve, and the country passed its first law for stablecoins. He signed an order on 6 March 2025 to create a Strategic Bitcoin Reserve, according to public records from the White House; using about 200,000 coins seized by the government, according to CNBC.

The next hit, the GENIUS Act, came in July 2025, according to official records from Congress. It made it mandatory for stablecoins, the digital tokens tied to the dollar, to have actual backing. Quite a turnaround for Trump, who once labelled Bitcoin a scam. Now he's even calling himself the "Bitcoin President," at least according to Reuters.

That pro-crypto momentum didn't slow in 2026 either. Trump said at the August summit that his CFTC chief was working to bring decentralised exchange Hyperliquid to the US. That announcement alone sent the platform's token up 26%, according to Yahoo Finance.

What happened in the Senate on 15 September?

On 15 September, the Senate shot down the CLARITY Act. The motion to advance the bill lost, 50 to 49, way short of the 60 needed to move forward, according to the public voting count published by the Senate.

Every Democrat said no, and four Republicans; Susan Collins, Josh Hawley, Jerry Moran and Thom Tillis, joined them, according to Reuters. Disputes about ethics rules, possible presidential conflicts and bank industry lobbying over stablecoin rewards killed the bill, at least for now, according to Politico.

But it wasn't a total defeat. Tillis himself said he'd push for another go, filing a motion to reconsider, according to the U.S. Senate Daily Press. Still, with the midterms coming fast on 3 November, time's running out.

What does the failed vote mean for Bitcoin prices now?

There was a hangover for a couple of days, but then the market shook it off. Bitcoin dipped below $76,000 on 16 September, but by 21 September, it went past $84,000 for the first time in eight months, according to Yahoo Finance.

Some optimists even cheered. Michael Saylor, the chief at Strategy, called the Senate's rejection a "positive inflexion point" for digital assets: His take is that crypto no longer depends on Congress for momentum, according to a post by Michael Saylor on the social media platform X.

Strong inflows to U.S. Bitcoin ETFs helped too. Spot Bitcoin funds in the States drew about $2.65 billion in September. Bitcoin traded near $86,400 on 4 October, according to Coinstat. Citi even raised its 12-month forecast that week, according to Reuters.

How does this affect India's crypto market and economy?

India's crypto market is big and busy, but most Indian trades happen offshore. Industry reports say offshore exchanges handled about 91.5% of trading by Indian users in the 2024-25 financial year, according to Crypto Times.

That's a big deal for the broader economy. Crypto gains face a flat 30% tax and a 1% TDS, tax deducted at source, on sales, but trades on overseas platforms slip through the cracks, according to Yahoo Finance. Economic Affairs Secretary Ajay Seth said India's now reviewing its policy thanks to America's new attitude, pointing out that crypto "doesn't believe in borders", according to Reuters. Whenever the U.S. policy stalls, India's own debate loses one of its main reference points.

What has happened in India since the vote?

New Delhi's stance has been wary as ever. The day after the Senate vote, on 16 September, a parliamentary finance panel spent a day holding hearings on crypto. Its chair, Bhartruhari Mahtab, told reporters the government isn't accepting or regulating crypto, leaving everything in limbo, according to Crypto News. The panel's still waiting for the government's written position.

Meanwhile, the tax authorities stepped things up. The Income Tax Department reminded everyone that the 30% rate and 1% TDS remain. According to The Crypto Times, 54 service providers, including CoinDCX, CoinSwitch, WazirX, ZebPay and Mudrex, now have to comply.

So, India isn't in a hurry to copy Washington's friendlier moves. It looks like the focus here is shifting to extra paperwork and compliance.

FAQ

Is the CLARITY Act dead?

Not yet. The Senate just blocked a procedural step, and Tillis left the door open for another try.

Did the vote crash Bitcoin?

No. Bitcoin dropped a bit on 16 September, but bounced back over $84,000 a week later.

Has India changed its crypto rules since?

No. The 30% tax and 1% TDS are still there.

(Pam Brown is a journalist with exceptional analytical skills and a strong interest in modern financial systems. She specialises in translating complex topics like crypto, loans, and forex into clear, accessible content. Pam's precise, research-driven writing has made her a trusted voice in the financial and fintech space. This article is for information purpose only and does not constitute professional, financial advice. Zee Media advises its readers to conduct their own research and due diligence before making any decisions based on the information.)

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