The U.S. Senate failed to advance the Clarity Act, a landmark crypto market structure bill, in a 49-50 vote, falling short of the 60 votes needed. Democrats voted as a bloc against the bill, joined by three Republicans (Susan Collins, Josh Hawley, and Jerry Moran), while Senator Thom Tillis switched from yes to no in a procedural maneuver that could allow the bill to be reintroduced later. With this setback, industry attention has shifted to regulators: the SEC tied its tokenized stock innovation exemption to the bill’s failure, while the CFTC issued no-action relief for passive software providers and submitted a broader crypto markets rulemaking proposal to the White House for review. Seven Democrats involved in negotiations called the vote « a setback, but not the end, » remaining committed to bipartisan efforts.
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