CLARITY Act fails 49-50 in Senate as Lummis blasts Democrats
- —The bill fell 11 votes short of the 60-vote cloture threshold
- —Every Democrat and four Republicans voted against advancing it
- —Bitcoin dropped 3%, Coinbase shares fell 8% and Circle 10%
- —Democrats added over 120 amendments, expanding the text from 300 to 600 pages
Why it matters: With no statute in place, US crypto rules will keep being set by SEC and CFTC guidance and enforcement, extending regulatory uncertainty for the industry.
Source: Crypto Briefing