CLARITY Act fails Senate vote, crypto blame game begins

Homepage > News > Business > CLARITY Act fails Senate vote, crypto blame game begins America’s crypto market structure legislation appears dead as a doornail after Republicans seriously underestimated Democrats’ desire to rein in corruption. CLARITY stumbles at first hurdle, and it wasn’t even close GOP rolled dice (and lost) in rejecting Democrats’ counteroffer Political blame game begins White House’s stablecoin calculator failed to move banking needle Crypto PACs vow great vengeance and furious anger for ‘no’ voters Tuesday’s cloture vote on the Senate’s digital asset market structure bill (the CLARITY Act) required a supermajority of 60 votes to advance, but fell well short of that mark. In the end, Republicans couldn’t even deliver all 53 members of their own party, or even a simple majority, with the final tally standing at 49 ‘ayes’ and 50 ‘nays.’ All Democrats voted in the negative while three GOP senators—Jerry Moran of Kansas, Maine’s Susan Collins, and Missouri’s Josh Hawley—joined them in rejecting CLARITY as written. Thom Tillis (R-NC) originally voted ‘aye’ but changed his vote to ‘no’ once he saw how the result was playing out. The Tillis flip-flop was actua...