Senate CLARITY Act Vote Fails, Bitcoin Drops 3%
CLARITY Act failed to progress in the Senate after Democrats and Republicans failed to reach a compromise. Bitcoin dropped 3% as the vote failed.
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.
Goldman Sachs CEO David Solomon publicly backs the CLARITY Act after a year of bank lobbying against it, as Senate Republicans aim for a floor vote before the August recess.
The CLARITY Act text now contains the ethics provision that was the last major point of contention. But there are still issues with it, namely who enforces it.
Trump urged the Senate to pass the CLARITY Act to honor Senator Lindsey Graham. Republicans are pushing for a vote before the August recess, with ethics rules the main blocker.
CFTC Chief Michael Selig urged the US Senate to pass the CLARITY Act. With around four weeks before the next recess, it might be the last realistic window for passage.