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BTC CLARITY bill failed to pass the Senate, and the crypto industry turned to regulators for guidance.
As the CLARITY bill failed to secure the 60 Senate votes needed to advance on Tuesday, cryptocurrency executives and analysts turned their attention to U.S. regulators.
Core Points
- The Senate failed to move the CLARITY Act forward in a procedural closing debate vote.
- Industry leaders now look to the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to develop rules for crypto-assets.
- Analysts warn that companies will face more uncertainty as Congress becomes increasingly tight.
Details of voting on the CLARITY Act
On Tuesday, the Senate rejected a procedural termination motion on the Market Structure Act, a result that prompted industry leaders to turn to the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The bill originally planned to divide the regulatory authority of crypto assets between the two agencies.
As the vote progressed, Bitcoin (BTC) prices fell to about $76,000, while shares of cryptocurrency companies extended their previous decline.
Ripple CEO Brad Garlinghouse said the SEC under Chair Paul Atkins and the CFTC under Chair Michael Selig will continue to work hard to develop rules to fill legislative gaps. Atkins reiterated his commitment at the Solana Policy Institute Summit on Monday, saying that the SEC will provide clearer rules for crypto-assets with or without help from Congress.
Vaidyanathan warns of risks to businesses
Not everyone believes that institutional rulemaking is a lasting solution. Abhishek Vaidyanathan, NEAR's chief legal officer, said vetoing the bill meant the company would rely entirely on agency guidelines and continued administrative discretion. He added that companies preparing their 2027 budgets will face another round of lengthy delays and be forced to return to case-by-case judgment and repetitive legal work. He noted that counterparties will continue to factor regulatory uncertainty into pricing considerations.
Alvin Kan, chief operating officer of Bitget Wallet, pointed out that there is continuing uncertainty about how securities, commodities and currency transmission rules apply to different products.
Orest Gavryliak, chief legal officer of 1inch, took a more moderate view, arguing that the result was a "delay" rather than a "conclusion" and argued that bills of this size rarely move forward in a straight line.
Prospects and odds of the CLARITY Act
A revival of the bill is still possible because Senator Thom Tillis changed his vote to "No" as a procedural step that keeps the reconsideration motion active, potentially allowing another closing debate vote. Vaidyanathan said the next Congress could be the next opportunity to address the market structure, noting that the House canceled several weeks of sessions on September 21 and 28, while the Senate will recess on October 5, before the November 3 election.
According to reports, the probability of enacting the bill in 2026 on Polymarket has dropped to 5%.
The failure confirmed previous warnings by TD Cowen policy analyst Jaret Seiberg. He had set the probability of failure in the first round of voting at 60%, and said a loss could mean Democrats believed the Republicans 'amendment plan was insufficient. A day earlier, Seiberg wrote that Democrats were getting the final product rather than a negotiated deal plan, and maintained the probability of passing the bill this year at 25%.
