Clarity Will Come Through Regulators, Not Congress

The US Senate voted down the CLARITY Act, a bill aimed at creating a federal framework for digital assets in the United States. The bill needed 60 votes to move forward but fell short with a 49-50 vote, with no Democrats supporting it and four Republican senators voting against it.

Coinbase CEO Brian Armstrong responded quickly, stating that regulatory clarity will now come through the SEC and CFTC instead. 'The SEC and CFTC have the tools they need to create clear rules under existing authority,' Armstrong wrote on X. 'Clarity is coming to crypto regardless.'

The CLARITY Act would have set out which agency oversees which parts of the crypto market, but its failure means comprehensive legislation is unlikely to pass before the November midterm elections.