Senate cloture vote on Clarity Act fails, dealing regulatory blow to crypto industry
- The U.S. Senate failed to advance the Digital Asset Market Clarity Act after a 49-50 cloture vote, falling short of the 60 votes needed to open debate on H.R. 3633.
- No Democrats voted to advance the bill, and four Republicans opposed it, influenced by concerns including ethics provisions and industry input.
- New York Attorney General Letitia James led 17 other attorneys general warning that the bill's federal pre-emption could weaken state enforcement against cryptocurrency fraud, citing significant reported losses and anti-fraud actions.
- The bill faces an uncertain future due to unresolved disputes over ethics safeguards, regulatory frameworks, and federal versus state roles.
384 Articles
384 Articles
Crypto Clarity Act Fails 49-50: What Happens Now?
A 600-page bipartisan crypto bill died on a 49-50 Senate vote on September 15, sending Bitcoin sliding from $80,000 to $77,400. You'd think a bill that both parties worked on for months would at least make it to debate — but ethics fights over Trump's crypto holdings torpedoed the whole thing.
Crypto giants flood the Republican Party with money despite failure of the Clarity Act
In July 2024, during a crypto conference held in Nashville, Donald Trump vowed that if he returned to the White House he would turn the U.S. into the crypto capital of the world. Two years later, the largest market for digital assets still lacks a law to regulate the industry, while Europe has had one since December 2024. On Tuesday, the Senate blocked the progress of the Clarity Act yet again, citing insufficient safeguards to prevent public of…
<p>Bitcoin fell below $75,000 after the bill failed in the Senate and the Fed decision Bitcoin fell to $74,985 after the failure of the Clarity bill and the Fed's rate hike. Coinbase and Circle shares have lost to It's 20%.</p>
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