Clarity Act Stalls: Senate Fails to Advance Crypto Regulation Bill

The U.S. Senate has failed to advance the Clarity Act, which aimed to establish a federal framework for regulating the cryptocurrency market.

The bill, which would have clarified the roles of regulatory agencies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), was unable to overcome a key procedural hurdle. Senators voted against cloture, requiring 60 votes to move forward with the proposal.

Congresswoman Cynthia Lummis, a top supporter of the bill, described the outcome as 'over.' The vote came after negotiations between lawmakers on issues such as stablecoin incentives and safeguards against illicit finance.