The US Senate failed to advance the Digital Asset Market Clarity Act after falling short of the 60 votes needed to move forward. Coinbase co-founder Brian Armstrong said the industry cannot wait for Congress any longer, while Ripple CEO Brad Garlinghouse described the outcome as painful. Four Republicans opposed the bill: Susan Collins of Maine, Josh Hawley of Missouri, Jerry Moran of Kansas, and Thom Tillis of North Carolina, the latter for procedural reasons. Negotiations broke down over ethics rules and concerns about President Trump and his family’s involvement in the crypto industry. Both executives stated that the SEC and CFTC already have sufficient authority to establish clear rules without waiting for legislation.
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