Senate Blocks Passage of CLARITY Bill Despite Last-Minute Revisions

The Senate voted on the CLARITY bill, falling short of the required 60 votes. The bill received 49 votes in favor and 50 against, effectively blocking its passage.

Despite a last-minute revision that included stronger ethics rules, the Republican proposal was met with resistance from Democrats, who sought even stricter regulations.

The bill's failure is seen as a setback for long-term investors seeking regulatory clarity. However, the CFTC and SEC will continue to issue rules and clarify how current commodities and securities laws apply to crypto assets.