The U.S. Senate voted 50-49 on September 15 to block the CLARITY Act, falling 10 votes short of the 60 needed to clear a procedural cloture motion. This vote ends months of negotiations aimed at establishing a federal framework for the U.S. crypto market. Bitcoin fell 3% after the vote, while Coinbase shares dropped 8% and Circle shares fell 10%. Congress is preparing to leave Washington ahead of the midterm election, significantly reducing the near-term opportunity to revive the bill. In the meantime, the SEC and CFTC are positioned to shape crypto policy under their existing authority.
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