Senate cloture vote on Clarity Act fails, dealing regulatory blow to crypto industry
- On Tuesday, the Senate blocked the Clarity Act after a procedural vote fell 50-49, far short of the 60 votes required to advance the comprehensive crypto market structure legislation.
- Republican leaders released a revised version Sunday adding new ethics restrictions to address Democratic concerns, but those changes failed to resolve remaining opposition on Capitol Hill.
- Following the vote, bitcoin prices dropped 3%, while Coinbase and Circle shares slid 8% and 10% respectively; Senator Cynthia Lummis, R-Wyo., told reporters earlier that "it's over" if the procedural vote failed.
- Senators are scheduled to leave Washington in early October for the campaign recess, with midterm elections in seven weeks, while The House recesses even earlier, limiting time to revisit the bill.
- The failed vote likely forces the crypto industry to wait until next year for clearer rules, as The SEC and CFTC continue shaping policy through enforcement and rulemaking rather than durable federal statute.
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87 Articles
(San Francisco = Yonhap News) Correspondent Kwon Young-jeon = The 'Clarity Act' (Clarity Act...), which has been pursued to establish a comprehensive regulatory framework for the U.S. cryptocurrency market...
Senate Democrats Block Pro-Crypto Scam Industry Bill
The New York Times reports: A sweeping bill that would create business-friendly rules for cryptocurrencies stalled in the Senate on Tuesday, a major blow to the crypto industry’s plans in Washington. The Senate voted to block consideration of the Clarity Act, a landmark piece of legislation that was shaped by crypto executives over months of … The post Senate Democrats Block Pro-Crypto Scam Industry Bill appeared first on Joe.My.God..
Clarity Act Fails: Crypto Bill Collapses in Senate Vote
The Senate's marquee cryptocurrency bill failed a key procedural vote Tuesday after Democrats demanded ethics restrictions on the Trump family's crypto holdings and three Republicans refused to get on board, leaving more than a year of legislative work in ruins. The Clarity Act, designed to bring digital currencies under the nation's existing financial regulatory framework, […]
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