Crypto Market Structure Bill Fails in Senate Amid Industry Pressure
The CLARITY Act, a market structure bill aimed at regulating cryptocurrencies and stablecoins, failed to pass in the US Senate on September 15th. The bill's failure was due to procedural vote, which ended with 50 votes against it and 49 for it, with four Republicans joining Democrats in opposition.
Brendan Pedersen, Senior policy reporter at Punchbowl News, reported that senators and their aides spent thousands of hours negotiating the bill. The two parties sometimes reached agreement in principle, but those compromises repeatedly fell apart afterward.
Crypto industry pressure became a major source of friction, with Democrats saying Republican negotiators repeatedly revised provisions after industry pushback, particularly on crypto ethics. Democratic aides reported receiving immediate complaints from lobbyists after private meetings.