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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48 Articles
Bitcoin, Ethereum And Other Major Cryptocurrencies Tumble As CLARITY Act Fails
The legislation seeks to place cryptocurrency under increased federal oversight, though some Democrats have argued it contains loopholes President Donald Trump and his family could take advantage of.
Bitcoin and crypto stocks remain down after US senate fails to advance ...
Bitcoin Drops the Most Since June After US Senate Blocks Bill
Bitcoin led a broad retreat in digital assets Tuesday following the failure of a wide-reaching crypto regulatory bill to pass the US Senate, stripping the industry of one of its few potential catalysts amid swelling anxiety in markets over rising interest rates.
A landmark market structure bill for the crypto industry failed in a procedural vote in the US Senate on Tuesday, receiving only 49 votes in favor and 50 against, instead of the required 60. Democrats said the proposal's ethics provisions did not adequately address the conflict of interest risks arising from President Donald Trump's business interests in the crypto market, Bloomberg reported.
Reformatorisch Dagblad
Nieuws.nlWASHINGTON (ANP/RTR/BLOOMBERG/AFP) – An attempt to pass new US legislation regarding cryptocurrencies stalled in Congress on Tuesday. The legislation failed to secure sufficient votes due to disagreements over ethics, banking, and how the rapidly growing sector should be regulated. Bitcoin fell in value following the news.
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