Senate Blocks Clarity Act, Leaving Digital Asset Regulation in Limbo

The U.S. Senate has failed to advance the CLARITY Act, a bill designed to provide clear rules for digital assets.

The measure, which aimed to split oversight between the CFTC and the SEC, fell short of the necessary 60-vote threshold on a cloture motion.

The vote was particularly disappointing given that several key Democrats who had spent months negotiating the bill voted no, including Senators Gillibrand, Warner, Booker, Warnock, Gallego, Alsobrooks and Cortez Masto.

Eleanor Terrett, a veteran crypto and financial journalist, reports that one industry leader views the bill's defeat as terminal.