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Crypto’s biggest Senate push falls flat as the Clarity Act fails to clear a crucial procedural vote
CoinDesk • • general
Key Points:
- The Digital Asset Market Clarity Act failed to advance in the U.S. Senate after a 49-50 vote fell short of the 60 votes needed, marking a significant setback for the crypto industry's top legislative priority.
- Despite years of lobbying and a 600-page bipartisan compromise, disagreements over ethics provisions and political pressures ahead of the midterm elections prevented the bill's passage.
- The crypto industry will now rely on U.S. market regulators like the SEC and CFTC, which are moving forward with their own rulemaking efforts, though these lack the durability of formal legislation.
- Industry political action committees, such as Fairshake, are considering how to respond to lawmakers who opposed the bill and will continue to support crypto-friendly candidates for future legislative efforts.
- While the Clarity Act's defeat is a setback, the industry previously secured a major win with the bipartisan passage of the GENIUS Act for stablecoins, and the outcome of the upcoming elections will heavily influence future crypto regulation and oversight.
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