Published • loading... • Updated
Senate cloture vote on Clarity Act fails, dealing regulatory blow to crypto industry
- 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.
Insights by Ground AI
Podcasts & Opinions
206 Articles
206 Articles
NV senators voted against it, but Trump’s flagrant self-enrichment is what killed the crypto bill
Nevada Sens. Catherine Cortez Masto and Jacky Rosen joined the rest of their Democratic Senate colleagues Tuesday, along with a handful of Republicans, in killing a cryptocurrency bill the industry really, really wanted. The industry believed that if the Clarity Act, which the House passed last year, was enacted into law, the legislation would bestow […]
A US law regulating cryptocurrencies has failed in the Senate, which is a defeat for Donald Trump and puts prices under pressure. Bitcoin sometimes falls below $75,000.
·Hamburg, Germany
Read Full Article
Coverage Details
Total News Sources206
Leaning Left22Leaning Right23Center43Last UpdatedBias Distribution49% Center
Bias Distribution
- 49% of the sources are Center
49% Center
L 25%
C 49%
R 26%
Factuality
To view factuality data please Upgrade to Premium
