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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107 Articles
BREAKING: The Senate just BLOCKED advancement of the Trump and Scott Bessent-backed CLARITY ACT, landmark crypto regulatory framework regulation
This is cloture, so it needed 60 VOTES.The final vote: 49-50Even if it did pass the Senate after cloture, it still has to go back to the House.Join @SGTnewsNetworkX (Twitter)▪️Truth...
US Senate Rejects Clarity Act; Bitcoin and Related Stocks Plunge As the Clarity Act, which aims to reshape the US virtual asset regulatory framework, failed to pass the Senate, virtual assets including Bitcoin and related stocks plummeted across the board. Meanwhile, the virtual asset industry has been resolving regulatory uncertainty...
The Senate fail to advance crypto bill. Democrats had raised concerns that the bill would not do enough to address President Donald Trumps crypto empire.
Senate Deals Major Setback to Crypto Industry
Crypto's big bid for clearer rules just ran into a wall in the Senate. Lawmakers on Tuesday blocked the Clarity Act from reaching the floor, stopping a long-argged effort to build a comprehensive regulatory framework for digital assets and reporting cryptocurrency markets in the process, CNBC reports. The motion to...
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