Senate cloture vote on Clarity Act fails, dealing regulatory blow to crypto industry
Democrats said the bill’s ethics language still would not stop President Donald Trump and his family from profiting from crypto ventures.
- 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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90 Articles
Senate Deals Major Setback to Crypto Industry
Crypto's big bid for clearer rules just ran into a wall in the Senate. Lawmakers on Tuesday blocked the Clarity Act from reaching the floor, stopping a long-argged effort to build a comprehensive regulatory framework for digital assets and reporting cryptocurrency markets in the process, CNBC reports. The motion to...
(San Francisco = Yonhap News) Correspondent Kwon Young-jeon = The 'Clarity Act' (Clarity Act...), which has been pursued to establish a comprehensive regulatory framework for the U.S. cryptocurrency market...
Senate Democrats Block Pro-Crypto Scam Industry Bill
The New York Times reports: A sweeping bill that would create business-friendly rules for cryptocurrencies stalled in the Senate on Tuesday, a major blow to the crypto industry’s plans in Washington. The Senate voted to block consideration of the Clarity Act, a landmark piece of legislation that was shaped by crypto executives over months of … The post Senate Democrats Block Pro-Crypto Scam Industry Bill appeared first on Joe.My.God..
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