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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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The so-called Cryptocurrency Clarity Act failed to overcome a key vote in the Senate with a tight 49-50 result.
·Los Angeles, United States
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The result left the project promoters far from the 60 votes required to pass the legislative procedure.
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...
Coverage Details
Total News Sources120
Leaning Left15Leaning Right18Center26Last UpdatedBias Distribution44% Center
Bias Distribution
- 44% of the sources are Center
44% Center
L 25%
C 44%
R 31%
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