US Senate Fails Vote on Comprehensive Crypto Regulation Bill
A key vote on the Clarity Act, Congress' first comprehensive attempt to federally regulate cryptocurrency, failed in the US Senate.
The bill would have set ground rules for regulating the fast-growing digital currency market, including which federal agency would have oversight, how it would be taxed and how banking would be handled.
The Senate was unable to reach the 60 votes necessary to bring the act to the floor for a vote. The US House of Representatives had already passed a different version of the bill, and the Senate's changes mean the bill would eventually have to go back to their House colleagues for final passage.
Ramnath Chellappa, a professor of information systems at Emory University's Goizueta Business School, said 'regulation always tries to catch up' with technology. He noted that people are using cryptocurrency and not just individuals, but banks and ETFs are also investing in it.