Congress Rejects CLARITY Act: What It Means for Crypto Regulations
The US Senate failed to advance the Digital Asset Market Clarity Act after a procedural vote fell short of the required 60 votes. The bill aimed to establish clear rules for digital assets, but it was met with opposition from some lawmakers.
Although this setback is 'disappointing', Coinbase co-founder Brian Armstrong expressed optimism that bipartisan talks may continue and the bill could get another chance. He acknowledged that the industry 'cannot wait' for Congress anymore and expects the SEC and CFTC to establish clear rules soon.
Ripple CEO Brad Garlinghouse was more critical, saying that this failure is an opportunity missed. He blamed Democratic politics for elevating the 'anti-crypto army' over policy and called for a post-mortem on the failure. Despite this setback, he remains optimistic about the future of crypto regulations.