CLARITY Act faces a new Congress as Democrats win both chambers

Democrats have won both chambers of Congress in the US midterm elections, leaving the stalled CLARITY Act facing a change in congressional control while federal regulators continue developing their own crypto rules. Summary Democrats will take control of Congress when the new session begins on Jan. 3, 2027. CLARITY’s September procedural vote fell 11 votes short of the Senate’s required 60-vote threshold. Republican opposition included concerns about stablecoins drawing deposits away from community banks and credit unions. SEC and CFTC initiatives cover crypto fundraising, custody and trading under their existing legal authority. The Associated Press reported that Democrats secured House and Senate majorities in the Nov. 3 elections, ending two years of unified Republican control in Washington. The incoming Congress convenes in January, with Donald Trump remaining president. Republicans retain their current congressional majorities during the remaining lame-duck session. AP reported that lawmakers face government funding negotiations before the end of the year, alongside internal leadership elections following the Republican defeat. CLARITY Act remains stalled after its September v...