The U.S. Senate on September 15 voted 49-50, failing to reach the 60 votes needed to advance the CLARITY Act, thereby stalling efforts to build a comprehensive legal framework for the digital asset market.
Market reaction
Bitcoin fell more than 5% during the session, at one point dipping to around $74,913 before recovering to roughly $76,000.
What happens next
After the failed vote, Coinbase CEO Brian Armstrong said the SEC and CFTC still have the existing authority to build clearer rules for the crypto market. Reuters also reported that the two agencies are likely to continue playing a main role in shaping policy while the bill cannot move forward in Congress.
Market reaction
Bitcoin fell more than 5% during the session, at one point dipping to around $74,913 before recovering to roughly $76,000.
What happens next
After the failed vote, Coinbase CEO Brian Armstrong said the SEC and CFTC still have the existing authority to build clearer rules for the crypto market. Reuters also reported that the two agencies are likely to continue playing a main role in shaping policy while the bill cannot move forward in Congress.