CLARITY Act Fails to Clear US Senate Hurdle

The CLARITY Act has failed to pass in the US Senate. The bill aimed to regulate digital asset transactions and clarify regulatory requirements for cryptocurrency exchanges, custodians, and other related businesses.

The proposal would have established a new category of registered investment companies that focus on holding or trading digital assets. It also introduced reporting requirements and disclosure rules for these entities.

The bill's sponsors argued that clearer regulations would promote innovation in the crypto space while reducing risks for investors.