US Senate Votes Down CLARITY Act, Crypto Market Slumps
The US Senate failed to advance the CLARITY Act after Tuesday's cloture vote fell short of the required 60 votes, recording 39 in favor and 36 against. The motion needed support from at least a dozen Democrats to proceed.
The crypto market reacted to the news, with several major digital assets recording losses. Bitcoin traded near $75,942.93, down 3.7% over 24 hours and 3.2% during the week. Ethereum fell 5.2% daily and 3.5% weekly, trading at $2,403.95.
Crypto market analyst Ted Pillows said failure would push the legislative process into 2027, with the US SEC and CFTC indicating they would publish rules under their existing authority. Grayscale responded to the news, stating regulators continue working on digital asset rules through the SEC and CFTC, and that it will continue engaging policymakers and regulators on U.S. crypto regulation.