U.S. Senate Fails to Advance CLARITY Act

The U.S. Senate failed to advance the CLARITY Act, a bill intended to establish a federal regulatory framework for digital assets, after failing to reach the 60-vote threshold. The procedural vote resulted in 50 in favor and 49 against, with all Democrats and four Republicans opposing the measure. The defeat leaves the industry without a comprehensive federal framework and keeps the jurisdictional roles of the SEC and CFTC unresolved. Following the vote, crypto-related stocks and Bitcoin experienced a decline.