CLARITY Act Stalls in Senate Amid Bipartisan Opposition

The U.S. Senate has dealt a setback to efforts to establish a federal regulatory framework for digital assets by failing to advance the CLARITY Act, a bill backed by President Donald Trump and the cryptocurrency industry.

The legislation aimed to establish rules for digital assets and clarify the roles of the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).

However, negotiations between Republicans and Democrats failed to secure enough support, with 50 votes in favor and 49 against the bill. Four Republicans also voted against advancing the measure.