From New York Post · · 1m 10s
Senate blocks crypto bill as midterms loom
The Clarity Act failed to advance, leaving the crypto industry in regulatory limbo ahead of November elections.
In brief
The Clarity Act failed to advance, leaving the crypto industry in regulatory limbo ahead of November elections. Without the Clarity Act, crypto projects remain stuck in legal uncertainty with no clear rules on whether they're securities or commodities. Originally reported by New York Post.
Senate blocks crypto bill
The Clarity Act failed a procedural vote 50-49, missing the 60 votes needed. Three Republicans joined Democrats in voting no.
Midterms could kill the bill
If Democrats win back the House or Senate in November, the crypto legislation faces an even tougher path forward.
What the bill would do
The 600-page act aimed to create universal crypto rules, including SEC and CFTC oversight, registration requirements, and anti-money-laundering measures.
Democrats wanted Trump protections
Dems argued the bill was too lenient and didn't stop Trump from profiting after he made $1.4 billion from crypto businesses last year.
Projects stuck in legal limbo
Many altcoins and crypto projects have no clear rules on whether they're securities or commodities, or who oversees them.
“Many altcoins and other crypto projects are now stuck in a sort of legal purgatory”
Adoption slows without clarity
Large institutions keep building, but cautious banks and asset managers are waiting for stable rules that will survive court challenges.
“Without it, adoption continues, just more unevenly and with fewer institutions willing to move at scale.”
What to remember
Without the Clarity Act, crypto projects remain stuck in legal uncertainty with no clear rules on whether they're securities or commodities.
