The Clarity Act fails to pass the U.S. Senate, with the SEC and CFTC stepping in to advance cryptocurrency regulation.
1 hours ago
The US Senate this week held a procedural vote that failed to advance the crypto market structure bill, the Clarity Act, with 49 votes in favor and 50 against. The bill remains far short of the 60-vote threshold required for passage. According to reports, all Democratic senators voted against the measure, joined by Republican senators Susan Collins, Josh Hawley, and Jerry Moran. Thom Tillis initially voted in favor before switching to no to preserve the option of reviving the bill in future. Multiple Democratic senators involved in negotiations described the vote as "a setback, not the end", noting that both parties have already begun efforts to restart talks. With congressional progress stalled, the crypto industry is turning more attention to regulatory bodies. SEC Chair Paul Atkins explicitly linked the agency’s innovation exemption measures announced this week to the Clarity Act’s setback, a move that paves the way for tokenized U.S. stocks to trade on-chain. Separately, CFTC staff issued a "no-action" position targeting passive software service providers, and submitted a broader crypto market rule proposal to the White House for review, with specific details remaining undisclosed.
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