The U.S. Senate has failed to advance the CLARITY Act.
The measure failed to reach the necessary 60-vote threshold on a cloture motion that would have allowed debate on the legislation to move forward.
Several key Democrats who had spent months negotiating the bill voted no.
Veteran crypto and financial journalist Eleanor Terrett is tracking the details from the vote, and says one industry insider considers the bill terminated.
“Several Democrats who have spent months negotiating the Clarity Act, including Gillibrand, Warner, Booker, Warnock, Gallego, Alsobrooks and Cortez Masto, have all voted NO.
One industry leader just texted me: ‘It died.’”
The act is designed to set clear rules for digital assets by splitting oversight between the CFTC and the SEC, so firms know which rules to follow, including which tokens count as commodities and which stay under securities law.
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