Senate Blocks Clarity Act: Crypto Oversight Remains in Limbo
The US Senate's cloture vote failed to advance the Digital Asset Market Clarity Act on September 15, preventing the bill from moving to floor debate and a final vote. The cloture vote ended 49-50, below the 60-vote threshold needed to move the measure forward.
The CLARITY Act aimed to set clearer federal rules for digital asset oversight, including a more defined split between securities regulation and commodities regulation. This debate centers on how authority would be shared between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Ripple expressed disappointment in the outcome, calling it a missed opportunity for consumers and the digital asset industry. The result highlights the broader issue of how US exchanges and other crypto businesses operate without comprehensive market-structure laws.