The record
Written from the 1 report below. Nothing here is unsourced.
- The US Senate failed to advance the Clarity Act, a cryptocurrency regulatory bill, in a 50-49 vote that fell 10 short of the 60 votes needed.
- Four Republican senators — Jerry Moran, Susan Collins, Josh Hawley and Thom Tillis — joined all Democrats in voting against the bill.
- Senator Thom Tillis switched his vote from yes to no in a procedural move that preserves the ability to bring the measure back up later.
- The bill aimed to create a regulatory framework for digital assets, and crypto companies had spent hundreds of millions of dollars campaigning for it.
- With Congress unable to pass legislation, regulators like the SEC and CFTC will fill the policy void, leaving crypto rules vulnerable to political shifts and court challenges.
What to watch next
- Possible renewed attempt to bring the Clarity Act back to the Senate floor after the November midterm elections
- Rulemaking efforts by the SEC and CFTC on digital assets under their existing authority
- Reaction of crypto markets and companies such as Coinbase to the legislative stall
Who said what2
Only words found exactly in the article are shown, attributed and linked to the line they came from.
Brian Armstrong
Coinbase CEO
2 quotes · 1 outlet
“The CLARITY Act didn’t advance in the Senate today, which was a disappointment”
In the article
…regulatory framework. Without legislation, regulations will be vulnerable to the shifting political climate and court challenges, creating lingering hazards for the crypto industry, said executives and analysts. “ The CLARITY Act didn’t advance in the Senate today, which was a disappointment ,” said Coinbase CEO Brian Armstrong in a social media post on Tuesday after the vote. “The SEC and CFTC have the tools they need to create clear rules under existing authority, and I expect will begin working on this…
“The SEC and CFTC have the tools they need to create clear rules under existing authority, and I expect will begin working on this in earnest”
In the article
…the crypto industry, said executives and analysts. “The CLARITY Act didn’t advance in the Senate today, which was a disappointment,” said Coinbase CEO Brian Armstrong in a social media post on Tuesday after the vote. “ The SEC and CFTC have the tools they need to create clear rules under existing authority, and I expect will begin working on this in earnest ,” he added. The Trump administration’s own extensive rollback of dozens of SEC and consumer watchdog policies introduced under former Democratic President Joe Biden has underscored that risk. Bitcoin, the world’s…
Coverage1
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Named United States · Circle · Coinbase · Brian Armstrong · Donald Trump · Jerry Moran · Josh Hawley · Susan Collins · Thom Tillis · United States Senate · U.S. Commodity Futures Trading Commission · U.S. Securities and Exchange Commission
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