Senate Blocks Digital Asset Market Clarity Act in Tense Vote
The U.S. Senate failed to pass the Digital Asset Market Clarity Act on Tuesday, voting 49-50 against cloture on the motion to proceed.
The bill needed 60 votes to move forward and would have clarified authority over digital assets between the Commodity Futures Trading Commission and the Securities and Exchange Commission.
Crypto-linked assets were already under pressure before the vote, but declined sharply after it. Coinbase traded at $174.00, down 9.1% from Monday's close; Circle was down 9.8% at $87.85; and Robinhood fell 3.6% to $110.22.
The bill's failure does not unwind the existing federal stablecoin regime, but it does impact the wider market structure around digital assets. The Senate's vote makes it less likely for a revised package or compromise to be reached in the near term.