White House · CLARITY Act · SEC · US Senate · Democrats · Decrypt
Alsobrooks was joined by six other Democrats involved in the negotiations: Sens
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Kirsten Gillibrand (D-NY), Mark Warner (D-VA), Cory Booker (D-NJ), Catherine Cortez Masto (D-NV), Ruben Gallego (D-AZ), and Raphael Warnock (D-GA).
Key facts
- Susan Collins (R-ME), Josh Hawley (R-MO), and Jerry Moran (R-KS) joined them in opposition
- Kirsten Gillibrand (D-NY), Mark Warner (D-VA), Cory Booker (D-NJ), Catherine Cortez Masto (D-NV), Ruben Gallego (D-AZ), and Raphael Warnock (D-GA)
- That left the final recorded tally at 49-50, well short of the 60 votes needed to advance the bill after more than a year of grueling bipartisan negotiations
- SEC Chairman Paul Atkins explicitly tied the agency’s new innovation exemption to the Clarity Act’s failure to advance in the Senate
Summary
The Senate failed to advance the Clarity Act in a 49-50 vote, with Democrats voting as a bloc and three Republicans joining them; the breakdown sparked finger-pointing, though seven negotiating Democrats called it "a setback, but not the end. With industry fatigue mounting, attention has shifted from Congress to regulators, with figures like the Solana Policy Institute's Kristin Smith calling agency guidance "the more viable path forward right now. Both agencies are moving: SEC Chair Paul Atkins tied a new tokenized-stock innovation exemption to the bill's failure, while the CFTC issued no-action relief and sent a broader crypto rulemaking to the White House. For anyone tracking the twists and turns of crypto policy in Washington, it was a long and bruising week.