The CLARITY Act failed to secure a shutdown vote on Tuesday, falling short by 11 votes—49-50—below the 60 needed to move forward. Bitcoin fell by more than 5% and briefly broke through the $75,000 barrier.
The sticking point was presidential ethics, and the underlying issues regarding the market structure were largely resolved:
Democrats rejected language that would allow President Trump’s crypto holdings while his administration defines the rules
Senator Warner helped draft the provisions against money laundering (AML) and still voted no, saying he couldn’t back the bill in good conscience
Senator Lummis, the bill’s leading Republican backer, blamed Democrats for negotiating without any intention of reaching a compromise; she leaves the Senate after more than five years of crypto legislation
The industry spent years and hundreds of millions of dollars lobbying for this framework. The return on that investment: regulatory clarity in Washington now hinges on the conflicts-of-interest policy, with about 36 legislative days remaining before the new Congress🔥🔥
$STG
The sticking point was presidential ethics, and the underlying issues regarding the market structure were largely resolved:
Democrats rejected language that would allow President Trump’s crypto holdings while his administration defines the rules
Senator Warner helped draft the provisions against money laundering (AML) and still voted no, saying he couldn’t back the bill in good conscience
Senator Lummis, the bill’s leading Republican backer, blamed Democrats for negotiating without any intention of reaching a compromise; she leaves the Senate after more than five years of crypto legislation
The industry spent years and hundreds of millions of dollars lobbying for this framework. The return on that investment: regulatory clarity in Washington now hinges on the conflicts-of-interest policy, with about 36 legislative days remaining before the new Congress🔥🔥
$STG
