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US Senate stalls CLARITY Act as crypto regulation shifts to agencies
The US Senate has failed to advance the CLARITY Act, a major piece of legislation intended to establish a regulatory framework for digital assets by dividing oversight between the SEC and the CFTC. The vote to begin deliberations fell one vote short, with 49 in favor and 50 against. While the act stalled, the House Ways and Means Committee did advance a separate digital asset taxation bill (H.R. 10357) to the floor.
Industry experts have offered varying perspectives on the legislative setback. Bitwise noted that the market might be better off without the CLARITY Act, arguing that the bill's text had been weakened by concessions and that regulators are already moving toward policy development through agency rulemaking. Conversely, BitGo CEO Mike Belshe warned that the lack of clear regulation could lead to dangerous market concentration, where single entities act as exchanges, brokers, and custodians simultaneously, creating systemic risks comparable to the 2008 Lehman Brothers collapse.
As the legislative process faces potential restarts with a new Congress, US regulators are expected to continue utilizing existing authority to shape crypto policy through agency actions.
Entities
BitGo · Bitwise · Coinbase · JP Morgan · SEC · United States Senate
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] The failure of the CLARITY Act may lead to regulatory policy being developed through agency rulemaking. cryptobriefing.com
- [○ 1 SOURCE] The House Ways and Means Committee advanced a digital asset taxation bill. www.tokenpost.kr
- [○ 1 SOURCE] The US Senate failed to initiate a vote on the CLARITY Act with a 49-50 result. www.tokenpost.kr
- [○ 1 SOURCE] BitGo CEO Mike Belshe warns that market concentration creates systemic risks similar to the Lehman Brothers collapse. portaldobitcoin.uol.com.br
- [○ 1 SOURCE] Bitwise suggests the crypto market is better off without the CLARITY Act due to its weakened text. livecoins.com.br