CLARITY Act 2.0: What Happens to US Crypto Regulation After the Senate Defeat

• —Senate rejected cloture on H.R. 3633 by 49-50, short of the 60-vote threshold
• —Bitcoin briefly fell below $75,000 on the vote; Coinbase shares dropped about 8%, Circle about 10%
• —Lummis published new substitute text drawn from the Banking and Agriculture committees
• —Fewer than 36 legislative days remain before the new Congress is sworn in in January 2027