Senate Rejects CLARITY Act Amid Crypto Market Volatility

The US Senate failed to advance the Digital Asset Market Clarity Act on September 15, dealing a significant blow to efforts to establish a comprehensive federal framework for crypto markets.

The cloture motion, which required 60 votes to pass, received only 49 'yes' votes and 50 'no' votes. Bitcoin fell below $76,000 around the time of the vote, while Ethereum, XRP, and Solana also dropped sharply.

Although the bill can still be revived through a procedural route, the Senate's failure to advance it makes passage before the November midterm elections much harder. The CLARITY Act aimed to clarify how responsibility is divided between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).