Senate Rejects CLARITY Act, Regulatory Clarity Now in SEC and CFTC's Hands

The CLARITY Act, a landmark bill aimed at regulating the U.S. cryptocurrency market, failed to pass in the Senate by a margin of 49-50 on September 15th.

This vote was crucial as it fell short of the required 60 votes needed to advance the legislation. The prevailing assessment is that passage this year has become effectively impossible with less than two months remaining before the November midterm elections.

The market reacted immediately following the vote, with Bitcoin's price plunging by as much as 5.3% intraday to $74,910, marking its steepest decline since June.