The U.S. Senate rejected cloture on the Clarity Act on Tuesday, setting back efforts to establish a federal framework for crypto markets. The procedural motion required 60 votes to pass. The bill would have legalized most crypto activity in the United States and clarified the respective responsibilities of the SEC and CFTC. Wyoming Senator Cynthia Lummis, the bill’s biggest supporter, said it was essentially dead. Negotiations had stalled over stablecoin rewards, safeguards against illicit finance, and ethics restrictions covering President Trump’s crypto interests.
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