Senate blocks Clarity Act, stalling crypto regulation
The Senate rejected a key procedural vote on the Clarity Act, halting progress on the most comprehensive crypto regulation proposal so far. Fifty senators backed advancing the bill, 49 opposed, but that fell short of the 60 votes needed. Bitcoin dropped 3%, and shares of Coinbase and Circle fell 8% and 10%, reacting to the setback. Odds of new crypto rules passing this year just got even slimmer.
- Vote was 50 for, 49 against—10 short of advancing
- Clarity Act aimed at dividing crypto oversight between regulators
- Recent bill changes didn’t sway enough opposition
- Senators leave town soon for midterms, closing window further
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