Clarity Act's Defeat Hands Regulators the Wheel on Crypto Policy

The Clarity Act's defeat in the Senate has shifted the focus from Congress to regulators when it comes to crypto policy. The landmark market structure bill failed to advance with a vote of 49-50, falling short of the 60 votes needed.

A bipartisan group of senators had worked on the bill for over a year, but Democrats ultimately voted against advancing it. Republican Sens. Susan Collins (R-ME), Josh Hawley (R-MO), and Jerry Moran (R-KS) joined them in opposition.

The breakdown was attributed to Democratic staffer politics, with some accusing Senate Banking Committee Chair Tim Scott (R-SC) of abruptly ending negotiations without explanation.

Despite the setback, some Democrats insist the bill isn't dead. Sen. Angela Alsobrooks (D-MD) said it 'won't die' because over 70 million Americans are engaging in an unregulated industry and they have a responsibility to regulate.