Senate Rejects Clarity Act Motion, Leaving Crypto Market Rules in Limbo
The Senate has rejected a motion to advance the Digital Asset Market Clarity Act, leaving the bill's market-structure provisions unresolved. The motion required 60 votes, or three-fifths approval, but only received 49 votes in favor on September 15th at 2:19 p.m. ET (18:19 UTC). This vote was procedural and did not enact or formally repeal the bill.
The Clarity Act aimed to establish a federal regulatory framework for digital commodities, clarifying the roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission. The bill's proposed treatment of digital commodities and the division of responsibilities between the SEC and CFTC remain unresolved due to the failed motion.
Democratic senators cited concerns involving ethics, law enforcement, national security, and prediction markets as reasons for their opposition. Senator Mark Warner stated that 'we cannot pass landmark legislation governing this industry while allowing the President of the United States to personally profit from it.'