The failed procedural vote leaves the CLARITY Act facing an uncertain future after months of negotiations over crypto oversight and ethics provisions.
The US Senate on Tuesday failed to pass a cloture motion on the Digital Asset Market Clarity (CLARITY) Act that would have established the country’s first regulatory framework for digital assets.
With less than 36 days of business before 2027, when a new session of Congress is scheduled to be sworn in after November’s midterm elections, the bill will likely not see further action for the rest of the year.
The setback leaves unresolved how the cryptocurrency sector will be regulated at the federal level, including the respective oversight roles of the Commodity Futures Trading Commission and the Securities and Exchange Commission.
