Sen. Kirsten Gillibrand and six other Democratic senators said they remain committed to passing the Digital Asset Market Clarity Act. According to NS3.AI, the bill failed a Senate procedural vote after receiving 49 yes votes, short of the 60 needed to advance.

StoneX analysts said the bill is dead for this Congress because only 14 working days remain before campaign season. Bernstein analysts expect the SEC and CFTC to address the regulatory gap through rulemaking.