From Newsweek · · 1m 20s
Crypto bill stalls in Senate
A Senate vote froze a major crypto regulation bill after Democrats and several Republicans withheld support.
In brief
A Senate vote froze a major crypto regulation bill after Democrats and several Republicans withheld support. The Clarity Act is stalled because ethics concerns over officials profiting from crypto outweighed a push for clearer industry rules. Originally reported by Newsweek.
The bill fell short
Senate Democrats blocked the Crypto Clarity Act in a 49-50 procedural vote. The bill needed 60 votes to advance.
Republicans split ranks
Susan Collins, Josh Hawley and Jerry Moran opposed the measure with Democrats. Thom Tillis also voted no to keep a future vote possible.
Tillis kept it alive
Tillis said his no vote was procedural, allowing him to enter a motion to reconsider and keep talks open.
“This is not the end for the Clarity Act.”
Crypto wanted certainty
The bill would have set national rules for digital assets, including when tokens fall under the SEC or the CFTC.
Ethics sank the deal
Democrats said the measure did not do enough to limit elected officials and their families from profiting from crypto while in office.
Lobbyists took a hit
Crypto groups had spent heavily and treated the Clarity Act as a key step toward federal rules. The failed vote leaves their path unclear.
Regulation stays stuck
Congress is set to spend much of October away from Washington, and midterm politics could make another deal harder.
Here's the gist
The Clarity Act is stalled because ethics concerns over officials profiting from crypto outweighed a push for clearer industry rules.
