Crypto’s DC Blowup Leaves Banks, Issuers and Exchanges Looking to SEC
Crypto markets lost their big Washington vote Tuesday (Sept. 15). But the more important fight may be the one that finally came out into the open. The Digital Asset Market Clarity Act had been billed as the long-awaited rulebook that could pull cryptocurrency deeper into the regulated U.S. financial system. Its failure to advance, with […] The post Crypto’s DC Blowup Leaves Banks, Issuers and…
The Digital Asset Market Clarity Act, aimed at bringing cryptocurrency into the regulated U.S. financial system, failed to advance in the Senate on Tuesday, September 15. The setback caused crypto stocks to tumble and left the industry facing another period of uncertainty without comprehensive federal market structure legislation.
House Speaker Mike Johnson announced that Thursday's House votes would be cancelled due to Senate recess, pushing lawmakers into a long break after only seven days of action since August. Both the crypto industry and banks expressed disappointment in the Clarity Act's failure but emphasized the need for regulatory clarity and continued regulatory action.
While the SEC and CFTC have developed digital-asset policy, Congress remains the primary avenue for clearer rules. The banking industry, however, urged lawmakers to focus on specific stablecoin yield policy changes rather than waiting for comprehensive legislation.
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