US Senate fails to advance CLARITY Act
CLARITY Act setback stalls U.S. crypto rules and keeps CFTC, SEC roles unclear See why the Senate vote matters for digital assets, regulation, and market moves
The US Senate failed to advance the CLARITY Act on Tuesday after a cloture vote fell short of the 60 votes needed to move the bill forward. The proposal was intended to create the first federal regulatory framework for digital assets.
The vote was 49 in favor and 50 against, leaving the legislation unlikely to move further before the end of the current congressional session. The delay keeps unresolved how oversight of the crypto industry would be divided between the Commodity Futures Trading Commission and the Securities and Exchange Commission.
The bill had already faced months of debate over ethics rules for government officials and new objections from state attorneys general, who argued it could weaken state enforcement against crypto fraud and misconduct. Crypto prices fell after the vote, with bitcoin briefly dropping below $75,000.