Senate Blocks CLARITY Act, But Bill May Yet Be Revived

The CLARITY Act, a bill aimed at establishing a federal framework for cryptocurrencies in the US, has hit a roadblock after failing to advance in the Senate. On September 15, the bill received only 49 votes in favor, falling short of the required 60 votes.

The failure of the bill was largely due to disagreements over its provisions, particularly those related to Donald Trump's interests in the crypto world. Critics argued that the bill would have weakened law enforcement's ability to prosecute bad actors and failed to address ethical concerns.

Crypto stocks took a hit immediately after the vote, with Coinbase losing nearly 9% and Circle falling 9.4%. Bitcoin also fell around 3% over the past 24 hours.