The CLARITY Act has failed to pass the Senate, disappointing the crypto market and those hoping for comprehensive crypto legislation. CFTC Chairman Mike Selig announced the agency will use its existing statutory authority to regulate the cryptocurrency market without waiting for Congress. The CFTC has updated its FAQs to clarify how tokenization and blockchain technology can operate under existing regulations. Senator Cynthia Lummis accused Democrats of opposing the CLARITY Act despite demands for new rules, while Democrats sought clearer consumer protections on digital commodity exchanges. Polymarket odds for the bill’s passage dropped to 5%.
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