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The failed procedural vote leaves the CLARITY Act facing an uncertain future after months of negotiations over crypto oversight and ethics provisions.
Key facts
Digital asset prices declined following the procedural vote, with Bitcoin briefly falling below $75,000, down more than 5% on the day, according to CoinMarketCap
The motion received 49 votes in favor and 50 against, short of the 60 votes needed to advance the legislation to debate on the Senate floor
With less than 36 days of business before 2027, when a new session of Congress is scheduled to be sworn in after November’s midterm elections, the bill will likely not see further action for the rest
The setback leaves unresolved how the cryptocurrency sector will be regulated at the federal level, including the respective oversight roles of the Commodity Futures Trading Commission
Summary
The US Senate on Tuesday failed to pass a cloture motion on the Digital Asset Market Clarity (CLARITY) Act that would have established the country’s first regulatory framework for digital assets. The motion received 49 votes in favor and 50 against, short of the 60 votes needed to advance the legislation to debate on the Senate floor. With less than 36 days of business before 2027, when a new session of Congress is scheduled to be sworn in after November’s midterm elections, the bill will likely not see further action for the rest of the year. The setback leaves unresolved how the cryptocurrency sector will be regulated at the federal level, including the respective oversight roles of the Commodity Futures Trading Commission and the Securities and Exchange Commission.