US Senate Abandons Digital Asset Regulation Push

The US Senate has failed to advance the Digital Asset Market Clarity (CLARITY) Act, which aimed to establish a regulatory framework for digital assets at the federal level.

The motion to proceed with the bill required 60 votes but fell short. With less than 36 days of business left before the new session of Congress in November, it's likely that the bill will not be revisited this year.

The setback leaves unclear how the cryptocurrency sector will be regulated, including the roles of the Commodity Futures Trading Commission and the Securities and Exchange Commission.