The U.S. Senate was unable to advance the CLARITY Act and has garnered attention towards financial regulators and their capabilities to develop crypto rules. The CLARITY Act bill failed to secure the 60 votes that were needed to invoke cloture and it received 49 votes in favor and 50 against. The drawback has raised questions over how securities and commodity regulations will apply across the watch-brokered market if Congress does not eventually move forward with the designated framework. To this, former CFTC Chairman Christopher Giancarlo called the Senate setback discouraging, but said it would not stop the march of innovation in the United States. Meanwhile, industry figures and lawmakers have had different perspectives on what could happen next.
NEW: Former @CFTC Chairman @giancarloMKTS tells me the Senate’s failure to pass the Clarity Act is a disappointment but will not stop the “march of innovatio...
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