CLARITY Act Fails in Senate 49-50 as Armstrong Pushes Stablecoin Rewards
- —CLARITY Act failed a Senate procedural vote 49-50, short of the 60-vote threshold
- —Armstrong says stablecoin users should earn rewards; banks oppose on competitive grounds
- —Bitcoin fell 1.3% below $76,000 and Coinbase shares dropped over 8% after the vote
- —Stand With Crypto has 900,000 supporters, with 200,000 contacting lawmakers
Why it matters: The market-structure bill's failure leaves crypto oversight to SEC and CFTC discretion, raising uncertainty for exchanges and stablecoin issuers.
Source: TokenPost