The US Senate rejected the CLARITY Act on September 15 with a 49-50 vote, falling short of the 60-vote threshold needed to advance. The bill would have transferred oversight of digital asset markets from the SEC to the CFTC. Coinbase shares fell 12%, Circle dropped 13%, and Bitcoin slid more than 5%. The bipartisan opposition came from Democrats concerned about ethics related to the Trump administration’s reported $1.4 billion in crypto gains and banking industry allies opposing stablecoin provisions. Without a clear regulatory framework, the industry faces legal uncertainty just weeks before the November midterms.
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