Senate fails to advance Clarity Act, a sweeping crypto bill
The Senate on Tuesday failed to advance a sweeping cryptocurrency bill called the Clarity Act, amid opposition from Democrats and some Republicans. Nikhilesh De, managing editor for global policy and regulations at CoinDesk, joins CBS News to discuss.
The US Senate has failed to advance the Clarity Act, a bill aimed at creating a regulatory structure for cryptocurrencies and digital assets. The legislation fell short, with a 49-50 vote, according to Investing.com. One senator did not vote.
Every Republican voted in favor, except for Senators Susan Collins, Josh Hawley, Jerry Moran, and Thom Tillis, as per Investing.com. The bill had previously cleared the Senate Banking Committee in May but had stalled due to a lack of votes.
The defeat is a significant setback for efforts to establish a comprehensive federal framework for digital assets, as reported by Al Jazeera and The Block. The crypto industry had high hopes for the bill, but last-minute disputes and opposition from Democrats and some Republicans led to its failure, according to CBS News and CoinDesk.
Brief written by urgent.news from CBS News, CoinDesk, Investing.com, Al Jazeera, The Block — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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- Crypto stocks slide after CLARITY Act fails to advance in Senate cointelegraph.com
