White House · Donald Trump · Republicans · US Senate · Democrats · CLARITY Act · The Block
However, one Republican Senate aide told The Block that they think the bill is dead
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If a bill passes the Senate, it would still have to go through the House, which won't be possible until after the November elections.
Key facts
- On Tuesday, the Senate voted 49-50 against the Clarity Act, which would regulate the digital asset industry comprehensively for the first time at the federal level
- Crypto Council for Innovation CEO Ji Hun Kim said Tillis' motion allows for another cloture vote within the next two days
- Meanwhile, Blockchain Association CEO Summer Mersinger said the group will continue talks with Democrats and Republicans
- White House crypto advisor Patrick Witt called Tuesday's vote a "major disappointment
Summary
A procedural vote to advance landmark digital asset legislation failed spectacularly on Tuesday, with both Republicans and Democrats voting against it, leaving the cryptocurrency industry crushed. On Tuesday, the Senate voted 49-50 against the Clarity Act, which would regulate the digital asset industry comprehensively for the first time at the federal level. "This one stings," said Ripple CEO Brad Garlinghouse in a post on X following the vote. "A post mortem needs to be done on why this failed (more from me on that in the days ahead)," Garlinghouse said. Over the past year, the Senate has been trying to pass the bill but has hit roadblock after roadblock, including a battle between banks and crypto over stablecoin rewards, how to approach software developers and prosecution, and President Donald Trump's ethics concerns.