Senate cloture vote on Clarity Act fails, dealing regulatory blow to crypto industry
The 49-50 vote stalled a bill that would split oversight between the Securities and Exchange Commission and Commodity Futures Trading Commission.
- 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.
132 Articles
132 Articles
U.S. President Donald Trump and his Republicans have suffered a severe defeat in Congress. On Tuesday, the U.S. Senate blocked a comprehensive law on the regulation of cryptocurrencies. The project known as the "Clarity Act" is in fact on hold. For the Republicans who had pushed the law for months, this is a serious setback.
The so-called Cryptocurrency Clarity Act failed to overcome a key vote in the Senate with a tight 49-50 result.
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...
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