US Senate Rejects CLARITY Act, Cryptocurrency Regulation Bill
The US Senate failed to pass the CLARITY Act, a highly anticipated cryptocurrency regulation bill. The bill needed 60 votes to advance, but it fell short with 49 votes in favor and 50 against.
Three Republican senators opposed the bill on its merits, while one senator from North Carolina voted no for procedural reasons. He had previously announced his intention to support the cloture motion but changed his vote to allow for a future review of the bill.
The failed vote marks a significant setback for the cryptocurrency sector, which has been waiting over a year for regulatory clarity. The bill's sponsors had negotiated extensively with lawmakers, and its failure is attributed to disagreements over ethics rules related to President Trump's family holdings in cryptocurrencies.