Senate cloture vote on Clarity Act fails, dealing regulatory blow to crypto industry
The 49-50 vote leaves the crypto market structure bill stalled after Democrats said ethics limits still would not curb Trump family profits.
- 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.
200 Articles
200 Articles
A US law regulating cryptocurrencies has failed in the Senate, which is a defeat for Donald Trump and puts prices under pressure. Bitcoin sometimes falls below $75,000.
The CLARITY Act Fails 50 to 49: What's Next for XRP, Bitcoin, Ethereum, and Solana Now That Congress Is Done for the Year?
One Senate vote short of a bare majority, the CLARITY Act collapsed and sent XRP tumbling nearly 8% while Bitcoin barely flinched, raising a question that will define every crypto trade this fall: which coins hold their ground on agency rulemaking alone, and which ones don't.
The Crypto Act "Clarity Act" is on ice, and the Republicans are facing a pile of political shards. That's why the project failed.
Crypto prices tumble as Senate blocks Clarity Act amid concerns over Trump family's crypto ties
The legislation failed to secure the 60 votes needed to clear a procedural hurdle. As CoinDesk reports, the result follows years of campaigning and hundreds of millions of dollars spent trying to get a regulatory framework through Congress.Read Entire Article
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