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US Senate blocks Clarity Act to regulate digital assets
The US Senate failed to advance the Digital Asset Market Clarity Act (Clarity Act) following a procedural vote that resulted in 49 votes in favor and 50 against. The bill, which sought to establish a federal regulatory framework for digital assets by clarifying the jurisdictional roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), fell short of the 60-vote threshold required for cloture.
Democratic opposition was centered on ethics provisions. Legislators, including Senator Elizabeth Warren, argued that the bill lacked sufficient safeguards to prevent President Donald Trump and his family from profiting from cryptocurrency interests while in office. While Republicans had introduced amendments to address some concerns, negotiations failed to secure the necessary bipartisan support.
The legislative setback triggered immediate market volatility, with major cryptocurrencies like Bitcoin and Ethereum experiencing significant price drops. Cryptocurrency-related stocks, such as Coinbase and Circle, also saw declines. Although the bill was not formally defeated and remains on the Senate calendar, its progress is considered uncertain heading into the upcoming midterm elections.
Entities
Bitcoin · CFTC · CoinGecko · Commodity Futures Trading Commission · Digital Asset Market CLARITY Act · Donald Trump · Elizabeth Warren · Ethereum · SEC · Securities and Exchange Commission · U.S. Senate · US Senate
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 2 SOURCES] The probability of the Clarity Act being approved this year dropped to 7% following the Senate vote. forbesliberia.com
- [● 30 SOURCES] The US Senate failed to reach the 60-vote threshold required to advance the Digital Asset Market Clarity Act. tribunadepetropolis.com.br · forbesliberia.com · bitcoin.fr · coinpaper.com · ambcrypto.com · +21 more
- [● 16 SOURCES] Senator Elizabeth Warren opposed the bill due to concerns regarding insufficient ethical safeguards for public officials. tribunadepetropolis.com.br · ambcrypto.com · informim.net · www.dgabc.com.br · lesinguliersete.fr · +10 more
- [● 15 SOURCES] Cryptocurrency prices, including Bitcoin and Ethereum, declined following the Senate vote. forbesliberia.com · www.crypto-insiders.nl · coinpaper.com · www.wealthmanagement.com · valor.globo.com · +8 more
- [● 6 SOURCES] The Clarity Act was not formally killed and remains on the Senate calendar for potential future consideration. forbesliberia.com · valor.globo.com · www.fool.com · blockcast.it · blockchainseoul.kr
- [● 28 SOURCES] The Senate procedural vote on the Clarity Act resulted in 49 votes in favor and 50 against. forbesliberia.com · bitcoin.fr · coinpaper.com · ambcrypto.com · www.wealthmanagement.com · +19 more
- [● 18 SOURCES] Democrats opposed the bill due to concerns that ethics provisions were insufficient to prevent President Trump and his family from profiting from crypto. bitcoin.fr · coinpaper.com · ambcrypto.com · www.wealthmanagement.com · lesinguliersete.fr · +11 more
- [● 21 SOURCES] The Clarity Act aims to assign regulatory authority for digital assets to the SEC and CFTC. forbesliberia.com · bitcoin.fr · ambcrypto.com · coinpaper.com · www.nadanews.com · +15 more