US Senate Rejects Clarity Act, Cryptocurrency Bill in Limbo
The US Senate failed to advance the Clarity Act, a comprehensive cryptocurrency bill, in a significant blow to digital asset companies and Republicans who had championed it for months. The vote effectively puts the bill on ice as Congress prepares to depart Washington this month ahead of the November midterm elections.
The Clarity Act aimed to create a regulatory framework for digital assets, which crypto companies say would put them on a more solid legal footing. Industry players spent hundreds of millions of dollars campaigning to advance the bill.
The failure of the Clarity Act is a setback for cryptocurrency advocates who had hoped for clearer guidelines and regulations. With Congress set to depart Washington soon, it remains uncertain whether the bill will be revisited in the future.