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Following核心要点
CLARITY法案未能达到所需的60票门槛。
该法案目前仍处于正式参议院辩论之外。
联邦监管权限暂时保持不变。
另一次尝试需要获得更多参议员的支持。
国会日历留给后续操作的时间非常有限。
投票在法案进入全院审议前终止
参议院未能就推进《2025年数字资产市场清晰度法案》（H.R. 3633）动议进行“结束辩论”（cloture）。根据规定，结束辩论需要获得五分之三的参议员支持，通常为60票。截至撰写本文时，100名参议员中有47人投票反对结束辩论。在全院表决记录尚未完全公布之前，这一结果已表明不可能达到所需的60票门槛。
此次失败的结束辩论投票意味着参议院不会限制是否接受该立法的辩论时间。通过此途径，该法案无法进入正式的全院审议程序。
这并非对法案最终通过的投票。参议员并未对该完整立法表示批准或拒绝。直接结果是，参议院无法按照预定程序开始对该法案进行辩论和修正。
卢米斯的最后呼吁未能弥合分歧
投票前不久，卢米斯发表了一篇强有力的演说，敦促参议员让立法前进。然而，她的呼吁并未产生克服程序障碍所需的足够支持。
The result came after last-minute negotiations on presidential ethics restrictions, stablecoin rewards, bank concerns and software developer protection. Republican negotiators reportedly rejected a Democratic counterproposal before the vote.
Democratic senators argue that the revised ethics clause still gives officials appointed by President Donald Trump too much enforcement power. The controversy over why the moral compromises of the CLARITY Act failed to meet the standards has been detailed in relevant reports.
The voting record does not show that a single question determines all negative votes. Individual senators may have disputed different provisions, negotiation processes or decisions to move forward with a bill before resolving differences.
The failed vote does not change existing rules
The result does not create a new legal classification for cryptocurrencies, nor does it change the responsibilities of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Exchanges, token issuers and other crypto companies remain bound by existing combinations of federal laws, agency rules, court decisions and enforcement actions.
The House has previously passed its version of the legislation, but it is not enough to become law. Both houses must adopt the same text before the bill is sent to the president for signature.
How the CLARITY bill returns
Possible next paths
Modifies controversial provisions: Sponsors can modify language about ethics, stablecoins, banks or developers to attract more votes.
Get additional commitments: 任何新的结束辩论尝试仍需获得足够的参议员支持，以达到60票的门槛。
安排另一次程序性投票：如果进一步的谈判改变了票数分布，参议院领导人可以尝试再次投票。
稍后引入新立法：如果此次努力无法恢复，立法者可以提出范围更窄或经过大幅修订的新法案。
时间因素不利于另一次尝试
失败的投票在法律上并不阻止参议院领导人重新回到该立法。真正的障碍是时间。发起人需要修订文本，与持反对意见的参议员进行谈判，并证明另一次投票会产生不同的结果。
如果国会在未通过该法案的情况下休会，该立法不会自动延续至下一届国会。立法者需要重新引入该法案，并重复所需的委员会和全院审议程序。
新的投票需要超越口头承诺
真正复苏的最清晰证据将是修订后的立法文本、反对结束辩论的参议员作出的公开承诺，以及在参议院日程表上安排的新一轮投票。在这些步骤发生之前，CLARITY法案处于停滞状态，而不仅仅是延迟。
本文仅供参考，不构成法律、财务或投资建议。失败的结束辩论投票并未永久终结加密市场结构立法，未来的谈判可能会改变法案内容。
