CFTC Lets Brokers Put Client Funds Into Tokenized Assets
CFTC updated their crypto guidance, the fourth move by federal agencies to cover the regulatory void since the CLARITY Act vote failed.
CFTC updated their crypto guidance, the fourth move by federal agencies to cover the regulatory void since the CLARITY Act vote failed.
The CFTC sent proposed crypto-market regulations to the White House as federal agencies act following the CLARITY Act’s Senate failure.
The CLARITY Act fell 11 short in the Senate. No Democrat crossed the aisle, and ethics was still the sticking point.
Crypto long liquidations reached $571 million after the CLARITY Act failed a Senate vote, with Bitcoin and Ethereum traders suffering the largest losses.
CLARITY Act failed to progress in the Senate after Democrats and Republicans failed to reach a compromise. Bitcoin dropped 3% as the vote failed.
The House Financial Services Committee takes up the American Reserve Modernization Act tomorrow, a bill that would write the Strategic Bitcoin Reserve into law. Up until now, it has only existed on presidential authority.
Senate Democrats counter the GOP’s CLARITY Act offer as ethics disputes threaten today’s cloture vote and could delay the crypto bill.
Bitcoin retreated to $77,800 as uncertainty over the Clarity Act, rising oil prices and an expected Federal Reserve rate increase pressured crypto.
Senate Republicans released the final version of the CLARITY Act two days before the cloture vote, with White House concessions in the ethics provision that has been the main point of friction all summer.
President Trump was joined by industry CEOs to urge the Senate to pass the CLARITY Act, day three in a coordinated four-day run pushing crypto in the US.
Just hours before it was supposed to happen, the SEC cancelled the meeting where it was set to propose Regulation Crypto, citing "an unforeseen scheduling issue". No new date has been set.
The U.S. Senate leaves for August recess without a vote on the CLARITY Act. Thune says the bill will be queued up first thing when Senators return on September 14th.