Senate cloture vote on Clarity Act fails, dealing regulatory blow to crypto industry
The Senate on Tuesday voted to block the Clarity Act from advancing, dealing a blow to the crypto industry's push for a comprehensive market framework.
The US Senate has voted to block the Clarity Act, a bill that aimed to establish a comprehensive regulatory framework for the crypto industry. The bill fell short of the 60 votes needed to advance, dealing a blow to the industry's push for clear regulations.
The Clarity Act had been years in the making, but ultimately couldn't muster enough support to overcome the Senate's final hurdle. According to Cointelegraph, the bill's failure leaves its future uncertain, with little chance of further action before the end of the year.
The crypto industry now faces continued uncertainty over how it will be regulated at the federal level, including the roles of the Commodity Futures Trading Commission and the Securities and Exchange Commission. Digital asset prices declined following the vote, although the move did not spark widespread panic, according to Decrypt.
Brief written by urgent.news from CNBC World, CNBC Technology, Decrypt, CoinDesk, Cointelegraph — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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