Clarity Act Stalls in Senate as Crypto Bill Fails to Clear Key Vote
In briefSenators voted down cloture on the motion to proceed to the Clarity Act.The vote concerned a procedural step toward considering the bill, not final passage.Todays result followed months of negotiations over crypto ethics rules and stablecoin rewards. The U.S. Senate on Tuesday failed to clear a key procedural hurdle for the Clarity Act, setting back efforts to establish a federal framework for crypto markets. Senators voted to reject cloture on the motion to proceed—a step that limits debate on whether to take up the legislation and requires 60 votes. Myriad: Will Congress pass the Clarity Act？ Click to make your prediction. The Clarity Act would establish rules for crypto markets, essentially legalizing most crypto activity in the United States, and clarify the respective responsibilities of the Securities and Exchange Commission and Commodity Futures Trading Commission. Tuesdays result effectively blocks further consideration of the Clarity Act in the Senate. And, according to the bills biggest supporter in Congress, Wyoming Senator Cynthia Lummis, todays failure to reach cloture means the bill is all but dead. “Its over,” she said earlier today. The vote followed a delay until after the Senates August recess, as lawmakers negotiated disputes over stablecoin rewards, safeguards against illicit finance, and ethics restrictions covering
