CLARITY Act Stalls in Senate, US Crypto Regulation Uncertainty Continues
The Senate's attempt to pass the CLARITY Act, crucial for comprehensive national regulations on cryptocurrency trading in the US, has stalled. On Tuesday, the bill received only 49 votes in favor and 50 against, falling short of the required 60 votes.
The CLARITY Act aims to clarify which regulatory body oversees crypto and trading platforms. The SEC would remain responsible for regulating investment-like cryptocurrencies, while the CFTC would gain more oversight over other coins.
However, a dispute over President Donald Trump's crypto interests has blocked an agreement on stricter rules for politicians with crypto assets. Democrats want to prevent presidents from creating crypto policy and profiting from it.
The bill is not dead yet, as the Senate can vote again. If a new agreement cannot be reached, US regulators will create their own rules, but these are less robust than a law.