2 weeks ago
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The industry agreed that it needed clearer rules. It could not agree on how much of its existing business should be surrendered to obtain them.
Key Takeaways
- The CLARITY Act failed to receive the 60 Senate votes required to advance.
- Stablecoin rewards became a fight over competition between crypto platforms and banks.
- Crypto leaders disagreed over whether an imperfect bill was better than no bill.
- Ethics, banking and other policy disputes also contributed to the failure.
The vote exposed more than a partisan divide
The Senate voted 50-49 in favor of advancing the CLARITY Act on September 15, but the procedural motion required 60 votes. Four Republicans joined all voting Democrats in opposing the motion, leaving the legislation effectively frozen before the midterm elections.
The CLARITY Act’s failed Senate vote did not reject the bill on final passage. It prevented the Senate from opening debate, closing the legislation’s most realistic path forward ...
English (US)