Browsing: CLARITY

Ripple and MicroStrategy told investors nothing legal changed for XRP and Bitcoin (BTC) after the Senate blocked the CLARITY Act on Tuesday. The bill would have written crypto’s US market rules into federal law.

The CLARITY Act failed to advance in the US Senate on Tuesday, September 15, dealing a major setback to the crypto industry’s biggest regulatory push in years.

Senator Tim Scott discusses cryptocurrency regulations as the Clarity Act faces a preliminary Senate vote. Senator Scott also addresses rising mortgage rates and housing market challenges under the Biden administration.

The CLARITY Act failed to advance in the U.S. Senate after Tuesday’s cloture vote fell short of the required threshold. Senators recorded 39 votes in favor and 36 against, missing the 60 votes needed to proceed. The procedural defeat blocks the legislation from moving into formal Senate debate under the current vote.

The failure to advance the CLARITY Act in the US Senate has handed responsibility for resolving regulatory uncertainty in the crypto industry back to the Securities and Exchange Commission and the Commodity Futures Trading Commission.

The SEC faces a significant challenge as the CLARITY Act did not advance in the Senate today, a setback highlighted by Coinbase CEO Brian Armstrong. He expressed disappointment but remains optimistic about the SEC and CFTC’s existing tools to establish clearer rules. This development emphasizes the urgency for comprehensive regulations in the crypto space, which…