Senate Rejects $25M Audit Rule for Crypto Issuers in CLARITY Act Stalemate

A proposed rule requiring crypto projects to disclose audited financial statements has stalled in the US Senate after the Digital Asset Market CLARITY Act failed to advance.

The bill, which would have imposed a $25 million audit requirement on certain token issuers, was voted down 50-49 on September 15.

Sen. Cynthia Lummis, a key sponsor of the bill, said Democrats had asked for the audit requirement during negotiations but later voted against the bill.

'Democrats voted against the transparency they asked for,' Lummis wrote.