Bitcoin Regains Ground After CLARITY Act Setback

The CLARITY Act has stalled in the U.S. Senate, leaving Bitcoin's regulatory status uncertain. The bill aimed to provide clarity on digital commodities and establish a regulatory framework for spot markets.

Despite the setback, Bitcoin remains classified as a digital commodity by the SEC and CFTC. However, this classification is not written into federal law and could be revised by future regulators or courts.

The Senate rejected the cloture motion to begin consideration of H.R. 3633 on September 15, with 49 votes against and 50 for, one senator abstaining. This means lawmakers never reached the amendment process or a final vote on the legislation.