Clarity Act Fails in Senate, Crypto Market Reels from Regulatory Uncertainty
The Clarity Act, aimed at creating a comprehensive U.S. legal framework for the crypto market, has failed in the Senate after a procedural vote fell short of the necessary 60 votes.
The bill would have divided oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), introduced registration requirements, and tightened anti-money laundering rules.
Crypto assets responded with losses: Bitcoin is trading at around $75,900 (down 1.4 percent), Ethereum stands at roughly $2,400 (down 3 percent), XRP slid about 8 percent to $1.29, and Solana lost around 3.5 percent to roughly $97.
James Butterfill, head of research at crypto asset manager CoinShares, views the failure as a setback but not a final verdict on the bill, saying 'what is particularly frustrating is that, despite considerable efforts to reach a bipartisan compromise, the remaining hurdles are increasingly political and less technical in nature.'