CLARITY’s bill failed to close the debate on Tuesday, 49–50, by a margin of just eleven votes short of the 60 needed to move forward. Bitcoin fell by more than 5% and briefly slipped below $75,000.
The stumbling point was tied to the ethics of the presidency, at a time when the underlying structure of the market framework had largely already been settled:
Democrats rejected language that would allow for disclosure of President Trump’s holdings of cryptocurrencies while his administration was drafting the rules
Senator Warner helped craft anti–money laundering provisions, and still voted “no,” saying he could not support the bill in a way that aligns with his conscience
Sen. Lummis, the bill’s most prominent Republican backer, blamed Democrats for negotiating without any intention of reaching a deal—and left the Senate after more than five years on cryptocurrency legislation
The industry spent years and invested hundreds of millions lobbying for this framework. The return on that investment: regulatory clarity in Washington is now being undermined by a conflict-of-interest policy, with about 36 legislative days remaining before the new Congress convenes.
#FedRateWatch #BitcoinFalls4% $BTC
@bitcoin
The stumbling point was tied to the ethics of the presidency, at a time when the underlying structure of the market framework had largely already been settled:
Democrats rejected language that would allow for disclosure of President Trump’s holdings of cryptocurrencies while his administration was drafting the rules
Senator Warner helped craft anti–money laundering provisions, and still voted “no,” saying he could not support the bill in a way that aligns with his conscience
Sen. Lummis, the bill’s most prominent Republican backer, blamed Democrats for negotiating without any intention of reaching a deal—and left the Senate after more than five years on cryptocurrency legislation
The industry spent years and invested hundreds of millions lobbying for this framework. The return on that investment: regulatory clarity in Washington is now being undermined by a conflict-of-interest policy, with about 36 legislative days remaining before the new Congress convenes.
#FedRateWatch #BitcoinFalls4% $BTC
@bitcoin
