The US Senate rejected cloture on the CLARITY Act crypto market structure bill by a 49-50 vote on Tuesday, falling 11 votes short of the 60 needed to advance. The crypto industry immediately responded by arguing that regulatory rules will be written by the SEC and CFTC regardless, and that what the Senate withheld is durable legislation that a future chair cannot undo. Industry executives emphasized that agency rules are reversible while statutes are not, causing banks and asset managers on the fence to wait for permanent legislative protection. Price reaction was muted after the vote as traders had not positioned themselves for the bill’s passage. Bitcoin traded at $75,667 on Wednesday and XRP fell 9.5%.
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