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[POLITICS] · United States · 100 sources

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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

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