CLARITY Act Stalls in Senate After Failing to Clear Vote Hurdle

The CLARITY Act, aimed at setting federal rules for digital commodities, failed to advance in the U.S. Senate after a 49-50 vote on September 15. The bill required 60 votes to move forward but fell short, with every Democrat who voted opposing cloture and four Republicans also voting no.

Senator Cynthia Lummis blamed Democrats for the result, citing 'Trump politics' as a factor in the opposition. However, Democratic negotiators pointed to unresolved ethics rules as the reason for their stance.

Tillis filed a motion to reconsider, which keeps the bill alive for possible future action. Seven Democratic senators reaffirmed their commitment to passing crypto market structure legislation after the setback.