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US Senate fails to advance CLARITY Act cryptocurrency bill FAST-MOVING
The United States Senate failed to advance the CLARITY Act following a procedural vote that resulted in a 49-50 tally, falling short of the 60-vote threshold required to invoke cloture.
The proposed legislation aims to establish a comprehensive federal regulatory framework for digital assets, clarifying the respective oversight roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
A revised 635-page version of the bill was presented by Senate Republicans, incorporating 126 amendments requested by Democrats. Key provisions in this version include stringent ethics rules for federal officials, judges, and their spouses regarding digital asset ownership, and a mechanism allowing state attorneys general to participate in enforcement.
Additionally, the bill includes provisions to protect community banks by granting the Treasury Secretary authority to restrict stablecoin rewards if significant deposit outflows occur. Despite these bipartisan efforts to address conflict-of-interest concerns and banking stability, the failure to reach the necessary majority has left the future of the regulatory framework uncertain.
Entities
CFTC · CLARITY Act · Chuck Schumer · Commodity Futures Trading Commission · Cynthia Lummis · Donald Trump · John Boozman · John Thune · Patrick Witt · SEC · Scott Bessent · Securities and Exchange Commission
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 15 SOURCES] The cloture vote requires 60 votes to proceed to formal floor debate. investinglive.com · www.cryptobreaking.com · zombit.info · bitcoinethereumnews.com
- [● 18 SOURCES] The Senate is scheduled to hold a cloture vote on the CLARITY Act on September 15. bitcoinethereumnews.com · investinglive.com · www.cryptobreaking.com · cookiepiece.jugem.jp · bittimes.net · +1 more
- [● 3 SOURCES] White House adviser Patrick Witt warned that failing the vote could close the current legislative window for crypto market framework. bittimes.net
- [● 5 SOURCES] Treasury Secretary Scott Bessent urged the Senate to advance the bill to avoid pushing digital-asset development to other jurisdictions. bittimes.net · zombit.info
- [● 11 SOURCES] Senator Cynthia Lummis argued that Democrats should be held responsible if the CLARITY Act fails, noting they helped shape much of the proposal. bittimes.net · bitcoinethereumnews.com
- [● 11 SOURCES] Republicans hold 53 seats in the Senate, meaning at least seven Democrats or independents must support the motion. investinglive.com
- [● 14 SOURCES] The September 15 vote is a procedural motion to proceed and is not a final vote on the legislation itself. bitcoinethereumnews.com · investinglive.com · www.cryptobreaking.com · zombit.info · bittimes.net
- [● 13 SOURCES] The current version of the CLARITY Act includes over 100 changes requested by Democrats. bitcoinethereumnews.com · bittimes.net · kryptouutiset.net
- [○ 1 SOURCE] The XRP Ledger processed nearly $500 billion in on-chain value over a 12-month period.
- [○ 1 SOURCE] Ripple's stablecoin, RLUSD, grew from $72 million to approximately $1.6 billion.
- [● 2 SOURCES] David Schwartz stated that XRP could eventually overtake Bitcoin in market capitalization. www.crypto-insiders.nl
- [● 3 SOURCES] President Donald Trump agreed to approximately 80% of a bipartisan ethics proposal related to the CLARITY Act. de.euronews.com · zycrypto.com