CLARITY Act Vote: US Crypto Regulation Not Doomed Even If Bill Fails
The Senate is voting on the CLARITY Act today, which could determine the future of US crypto regulation. However, even if the bill fails to pass, the industry remains in a strong position.
The vote is a cloture vote on the motion to proceed, and it needs 60 votes to succeed. If it clears, the Senate will move to debate and amendments. But if it fails, the next realistic window for passing the bill could be years away, as warned by Senator Cynthia Lummis.
The SEC and CFTC have already stated that they do not need new legislation to write crypto rules, with SEC Chair Paul Atkins introducing a ruleset earlier this year. CFTC Chair Michael Selig has also emphasized their readiness to set the rules of the road, even if Congress stays deadlocked.
The administration is still backing the bill, with President Trump having publicly pushed for its passage and signed off on an ethics package covering officials' digital asset holdings. The bigger point stands: the US wants to be the global hub for digital assets.