Democrats Vow to Revive CLARITY Act After Senate Setback

Seven US Senate Democrats have reaffirmed their commitment to passing the CLARITY Act, despite its failure to advance in the Senate.

The bill would create a comprehensive federal framework for virtual assets, dividing oversight between the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Senators Kirsten Gillibrand, Angela Alsobrooks, Cory Booker, Catherine Cortez Masto, Ruben Gallego, Mark Warner, and Raphael Warnock said the 49-50 Senate vote was a setback but not the end of efforts to advance the bill.

SEC Chair Paul Atkins has signaled that the agency will continue its work on crypto-related governance issues, regardless of whether the Congress passes the CLARITY Act or not.

The Senate's pushback has had a consequent effect on the crypto market, with Bitcoin dipping to just under $75,000 before recovering to around $76,000, down 3.79%.