US Senate fails to advance CLARITY Act
Summary
The Senate failed to advance the CLARITY Act after a cloture vote fell short of the 60 votes needed, blocking the first major federal framework for regulating digital assets. With limited remaining legislative days this year, the bill is unlikely to move forward before the next Congress. The failure leaves unresolved the division of oversight between the Commodity Futures Trading Commission and the Securities and Exchange Commission. The bill had already stalled over ethics restrictions on officials and their families profiting from crypto, and new opposition came from 18 state attorneys general who said it would weaken state enforcement against crypto fraud. Crypto markets fell after the vote, with Bitcoin briefly dropping below $75,000.
