Clarity Act Stalls in Senate as Crypto Bill Fails to Clear Key Vote
Summary
The Senate failed to advance the Clarity Act after rejecting cloture on the motion to proceed, falling short of the 60 votes needed to limit debate. The bill would create a federal framework for crypto markets, largely legalizing most crypto activity in the U.S. and clarifying the roles of the SEC and CFTC. The vote effectively blocks further Senate consideration for now, and Sen. Cynthia Lummis said the bill is “over.” Lawmakers had delayed action until after the August recess while negotiating disputes over stablecoin rewards, anti-money-laundering safeguards, and ethics rules tied to Donald Trump’s crypto interests.
