BREAKING: US Senate Fails to Advance Crypto CLARITY Act, Here’s What It Means

The US Senate failed to advance the critical crypto regulation called the Digital Asset Market Clarity Act, which means that debate around it will continue. The Senate has failed to advance the CLARITY Act. The necessary 60 votes were not reached, meaning that debate on the legislation will continue. It is very important to understand that today’s vote wasn’t intended to pass the bill but rather to advance it further toward a final vote. This didn’t happen, which means that now the debate can continue, which will inevitably lead to further delays. As we recently reported, the Digital Asset Market CLARITY Act includes fundamental provisions that seek to establish a clear divide between what the Commodity Futures Trading Commission and the Securities and Exchange Commission regulate. Moreover, the text introduces what it calls “ancillary assets,” network tokens whose value may depend on entrepreneurial or managerial efforts, while also treating the tokens as commodities and requiring specific disclosures. The bill also seeks to address major issues plaguing the decentralized finance field. The latest revisions seek to require CFTC registration for relevant spot digital-commodity acti...