US Senate rejects Clarity Act crypto legislation

Post Today•Economy•15h ago

Reader Briefing

The US Senate failed to pass the Clarity Act, a key digital asset regulatory bill, due to insufficient votes.

•The US Senate vote for the Clarity Act resulted in 50 supporters and 49 opponents, failing to reach the required 60-vote threshold.
•Four Republican senators—Jerry Moran, Rand Paul, Josh Hawley, and Thom Tillis—voted against the bill alongside Democrats.
•The failure of the bill led to a drop in Bitcoin's price by over 5% and a decrease in Coinbase and Circle stock prices by up to 10%.

Overview

•The US Senate voted on Tuesday and failed to advance the Clarity Act, a bill intended to regulate digital assets.
•The Clarity Act received 50 votes in favor and 49 votes against, falling short of the 60 votes required in the 100-member Senate.
•Senator Thom Tillis changed his vote from approve to disapprove based on procedural reasons to allow for future reintroduction of the bill.
•The crypto industry invested hundreds of millions of dollars to push for the Clarity Act to create legal certainty and stability for businesses.
•Donald Trump has earned more than 1,400 million dollars from his family's crypto business.
•Following the vote, Bitcoin fell by more than 5%, marking the sharpest single-day drop since June.
•Shares of the exchange Coinbase and stablecoin issuer Circle decreased by up to 10% during trading.
•Industry experts suggest that without legislative action, regulations issued by the SEC and CFTC may change according to the political environment.

Full article content is available on the original source.

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Key Quotes

Donald Trump

"Crypto President"

ประธานาธิบดีสายคริปโต

Key Entities

Organization

US Senate(วุฒิสภาสหรัฐ)ℹ️

The legislative body that voted on the Clarity Act.

Republican Party(พรรครีพับลิกัน)

The political party that pushed for the Clarity Act and is supported by Donald Trump.

Democratic Party(พรรคเดโมแครต)

The political party whose members voted against the Clarity Act.

US Congress(สภาคองเกรส)ℹ️

The legislative body scheduled to leave Washington within the month.

U.S. Securities and Exchange Commission (SEC)

A regulatory agency under the Trump administration that will have an increased role in crypto policy.

U.S. Commodity Futures Trading Commission (CFTC)

A regulatory agency under the Trump administration that will have an increased role in crypto policy.

Bitcoinℹ️

The world's largest cryptocurrency that saw a price drop of over 5% following the vote.

Coinbaseℹ️

A crypto trading platform whose stock price decreased by up to 10%.

Circleℹ️

A stablecoin issuer whose stock price decreased by up to 10%.

Law

Clarity Act

A proposed law aimed at creating a legal and regulatory framework for digital assets.

Person

Donald Trumpℹ️

The President who supported the Clarity Act and describes himself as a crypto president.

Jerry Moranℹ️

A Republican senator who voted against the Clarity Act.

Rand Paulℹ️

A Republican senator who voted against the Clarity Act.

Josh Hawleyℹ️

A Republican senator who voted against the Clarity Act.

Thom Tillisℹ️

A Republican senator who changed his vote to oppose the bill for procedural reasons.

Joe Bidenℹ️

The former president whose SEC and consumer protection policies were cancelled or reduced by the Trump government.

Place

Washington(กรุงวอชิงตัน)

The city where the US Congress is based.