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FollowingU.S. Senate fails to pass key procedural hurdles in the Clarity Act, blocking the construction of a federal regulatory framework for the crypto market
On Tuesday, the U.S. Senate failed to cross key procedural thresholds of the Clarity Act, setting a setback to efforts to establish a federal regulatory framework for the crypto market. Senators voted down the cloture, a step designed to limit debate on whether to advance the legislation and required at least 60 votes to pass.
Core content and current dilemma
The Clarity Act aims to establish rules for the crypto market, essentially legalizing most crypto activities in the United States and clarifying the respective areas of responsibility of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Tuesday's vote effectively blocked further Senate consideration of the bill. According to Senator Cynthia Loomis of Wyoming, a leading supporter of the bill in Congress, the failure to reach an adjournment debate today means the bill is almost hopeless. "The matter is over." She said earlier.
The game behind the legislative delay
The vote came after the Senate's August recess after the lawmakers negotiated and compromised issues such as stablecoin rewards, anti-illegal financial safeguards, and ethical restrictions covering President Trump's crypto interests. This is breaking news, and follow-up progress will continue to be updated.
