{
  "id": 7675385,
  "title": "US Senate fails to advance sweeping crypto bill",
  "url": "https://urgent.news/2026/09/16/us-senate-fails-to-advance-sweeping-crypto-bill-7675385",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-16T00:23:19.000Z",
  "source": {
    "name": "Free Malaysia Today",
    "slug": "free-malaysia-today",
    "url": "https://www.freemalaysiatoday.com/category/business/2026/09/16/us-senate-fails-to-advance-sweeping-crypto-bill"
  },
  "original_language": "en",
  "account": "The US Senate rejected sweeping cryptocurrency legislation known as the Clarity Act on Tuesday, falling short of the necessary 60 votes by a margin of 10. The bill, championed by President Donald Trump, aimed to establish a regulatory framework for digital assets, providing them with a more stable legal standing. However, four Republican senators — Jerry Moran, Susan Collins, Josh Hawley, and Thom Tillis — joined all Democrats in opposing the measure. The vote resulted in a 50-49 outcome in favor of the opposition. This setback puts the bill on hold, as Congress is preparing to adjourn for the November midterm elections, where Trump's Republican counterparts are striving to retain control of both the House of Representatives and the Senate. In a last-ditch effort, Senate Republicans introduced a revised version of the bill on Sunday night, but opponents remained unconvinced. The Clarity Act sought to create a regulatory framework for digital assets, which industry representatives claim would provide the sector with a more secure legal foundation. Bitcoin experienced a significant drop of more than 5% following the vote, marking its largest daily percentage decline since June. Shares of cryptocurrency exchange Coinbase and stablecoin issuer Circle also experienced losses, with some stocks plummeting as much as 10%. With the bill's failure, the SEC and CFTC are now tasked with developing regulatory rules for the crypto industry. However, experts believe that only legislative action can create a lasting regulatory framework, as existing regulations may be subject to political shifts and legal challenges.",
  "summary": "The Clarity Act failed to advance after falling 10 votes short of the 60 needed in the 100-seat Senate, with four Republicans joining Democrats in voting against it.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 4,
    "also_reported_by": [
      {
        "outlet": "Free Malaysia Today",
        "title": "US Senate fails to advance sweeping crypto bill",
        "url": "https://urgent.news/2026/09/16/us-senate-fails-to-advance-sweeping-crypto-bill",
        "published": "2026-09-16T00:23:19.000Z"
      },
      {
        "outlet": "Tech in Asia",
        "title": "US Senate rejects motion to advance crypto market bill",
        "url": "https://urgent.news/2026/09/16/us-senate-rejects-motion-to-advance-crypto-market-bill",
        "published": "2026-09-16T02:04:51.000Z"
      },
      {
        "outlet": "Investing.com",
        "title": "Crypto Clarity Act fails in Senate, leaving these stocks in regulatory limbo",
        "url": "https://urgent.news/2026/09/16/crypto-clarity-act-fails-in-senate-leaving-these-stocks-in-regulatory",
        "published": "2026-09-16T03:54:52.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}