U.S. Senate Rejects Crypto Market Bill, Bitcoin Slides

A procedural vote on the Clarity Act, a U.S. bill that would set the market structure for digital assets, failed in the Senate after Republicans and Democrats were unable to narrow their differences over ethics provisions covering senior public officials. Shares of crypto-related companies fell sharply

The Senate said the procedural vote to bring the Clarity Act to the floor failed on the 15th, with 49 in favor and 50 against. The bill needed 60 votes out of the 100-member Senate. Republicans hold 53 seats and Democrats 47, meaning the measure required every Republican vote plus seven Democratic defections. With support stopping at 49, some Republicans appear to have broken ranks as well.

The bill centers on clarifying the boundaries of oversight of digital assets between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Democrats opposed it, arguing that the legislation lacked sufficient safeguards against conflicts of interest at a time when President Donald Trump’s family is reaping large profits from crypto businesses. Republicans responded by unveiling an amendment that substantially strengthened provisions to prevent conflicts of interest involving digital assets among senior officials, but the measure still failed.

The Clarity Act has not been scrapped, and another vote remains possible after further talks between the two parties. The calendar before the November midterm elections is tight, however, and while the session runs through early January after the vote, it is unclear whether the bill can regain legislative momentum. Once early January passes, the 120th Congress convenes and the bill is automatically discarded. CoinDesk said legislative work on Clarity in the Senate has effectively halted for the year, adding that the crypto industry, which has spent hundreds of millions of dollars over several years advocating for its interests, has taken a major blow.

Coinbase was trading down 8.75%, Circle down 9.18% and Bullish down 3.19%. Bitcoin was changing hands in the $75,000 range, down 3.9%, while Ethereum fell 5.34% and XRP tumbled 10.7%.

#ClarityAct#CryptoRegulation#USSenate#Bitcoin#Coinbase#SEC

Original reporting by Lee Tae-kyu for Seoul Economic Daily.

AI-translated from Korean. Quotes from foreignxact original wording

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Source: en.sedaily.com