Senate Voted No on Taking Crypto Seriously. What About Wall Street?
Crypto spent years begging Washington for clear rules. On Tuesday (Sept. 15), Washington blinked. The Senate failed to advance the Digital Asset Market Clarity Act, dealing a major setback to legislation designed to finally answer one of crypto’s biggest questions: Who exactly is in charge here? The 49-50 procedural vote fell short of the 60 […] The post Senate Voted No on Taking Crypto…
The Senate failed to pass the Digital Asset Market Clarity Act, a bill aimed at establishing clear rules for the cryptocurrency industry. The 49-50 procedural vote fell short of the 60 votes needed to proceed, leaving the cryptocurrency market's regulatory future uncertain. Republican senators Susan Collins, Josh Hawley, Jerry Moran, and Thom Tillis voted against the bill, though Tillis reportedly did so to preserve the option of reconsidering it later.
The Clarity Act was intended to clarify whether digital assets are securities or commodities, and to determine which regulatory agency, the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC), would oversee them. Its defeat has significant implications for the crypto industry, which has been lobbying for such legislation for years.
The absence of regulatory clarity could slow down the development of blockchain-based financial infrastructure on Wall Street, as businesses and institutions rely on clear rules to make investment decisions.
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