Crypto industry leaders are looking to US financial regulators to fill the regulatory gap after the Senate on Tuesday failed to advance a major crypto bill establishing a regulatory framework for digital assets. The Senate voted 49-50 on a motion to invoke cloture and advance the CLARITY Act, short of the 60 votes needed. Industry executives said the result was a disappointment, but pointed to potential rulemaking from the US Securities and Exchange Commission and Commodity Futures Trading Commission as the next best potential source of clarity. Source: Brian Armstrong“There is still reason for optimism for crypto in the United States. Now, the SEC, under Chair Atkins, and the CFTC, under Chair Selig, will continue to work hard to issue rules to fill the legislative gap and we will continue to be actively engaged in that rulemaking process,” said Ripple CEO Brad Garlinghouse on X. At the Solana Policy Institute Summit on Monday, SEC Chair Paul Atkins again committed to delivering clearer crypto rules with or without legislative support. However, there’s concern that this solution may only grant temporary reprieve for the industry. “Rejecting the bill leaves firms completely dependent on agency guidance and ongoing administrative discretion,” added NEAR chief legal officer Abhishek Vaidyanathan.“Firms setting their 2027 budgets would face another prolonged delay, forcing them back into case-by-case judgments and repeated legal work while counterparties continue to price in regulatory uncertainty,” he added. Bitget Wallet chief operating officer Alvin Kan told Cointelegraph that failure to advance the bill on Tuesday is “continued uncertainty over how securities, commodities and money-transmission rules apply across different products.”Another attempt for CLARITYThe CLARITY Act could face another cloture vote after Senator Thom Tillis moved to reconsider Tuesday’s failed attempt. Industry executives remain divided over whether Congress can ultimately pass the legislation before its term ends in January.Source: Senator Thom Tillis“Today’s result is a delay, not a verdict. Legislation of this scale rarely moves in a straight line, and a cloture vote can be brought again,” 1inch chief legal officer Orest Gavryliak said in comments shared with Cointelegraph.Related: Crypto stocks slide after CLARITY Act fails to advance in SenateVaidyanathan was less optimistic about any immediate prospects, saying the next Congress was the likely next opportunity to address crypto market structure.“Now that cloture failed, the next Congress is the likely next opportunity to address crypto market structure. The House has already canceled its weeks of September 21 and 28, and the Senate’s state work period begins October 5 ahead of the November 3 election.”Polymarket odds of the CLARITY Act being signed into law in 2026 fell to 5% on Tuesday, the lowest probability since the market was opened in January. Magazine: Crypto’s biggest week ever? Swarm fears prompt AI slowdown: Hodler’s Digest
Binance has launched a new metric called realized perp slippage, aimed at enhancing trading efficiency. This metric evaluates the difference between expected and actual slippage during market orders. The development is significant as it provides traders with deeper insights into order execution quality and market conditions, potentially influencing trading strategies moving forward. You can find […]
Christopher Phelan, chairman of the Council of Economic Advisers (CEA), said a Fed rate hike would be a mistake. The Federal Reserve is set to announce its rate decision today. Phelan made the comments on CNBC’s Closing Bell Overtime, citing recent inflation data as the reason a hike is unnecessary. The Federal Open Market Committee […]
The Senate’s inaction leaves the crypto industry in uncertainty, potentially stifling innovation and complicating future regulatory efforts. The post Senate fails to advance Clarity Act, leaving crypto’s $2.3 trillion industry in regulatory limbo appeared first on Crypto Briefing.
The Senate’s failure to advance the CLARITY Act today raises significant concerns for the future of crypto regulation. As reported by Fireblocks, the stalled vote may hinder the rulemaking processes at the SEC and CFTC, which operate on their own timelines. This delay could impact traders and investors, leading to heightened uncertainty in the market […]
Mike Novogratz has voiced strong criticism regarding the failure of Congress to advance the Clarity Act. His recent tweet highlights how bipartisan efforts fell apart, particularly over ethics concerns. This breakdown not only reflects political divisions but also casts doubt on the future of crypto regulation in the US. As the industry awaits clarity, this […]
Ripple is extending XRP’s push into US college sports, adding Louisville to a campaign that has rapidly expanded since July. The crypto company said Monday it struck a partnership with Louisville Athletics that will give XRP prominent exposure around the university’s basketball program, including branding on Denny Crum Court, extending a strategy that has already […]
Aave’s proposal could significantly enhance institutional participation in DeFi by offering secure, regulated collateral management, potentially increasing market stability. The post Aave unveils custodied collateral lending proposal for institutions appeared first on Crypto Briefing.
Following a disappointing Senate vote, Chris Dixon, a prominent voice in the crypto community, emphasizes that the fundamentals of cryptocurrency remain stronger than ever. His remarks underscore a significant trend where payments companies and financial institutions are increasingly adopting blockchain technology. The ongoing momentum could reshape the landscape for cryptocurrency, reinforcing the need for clear […]
SEC Chair Paul Atkins has asked staff to develop a proposal allowing investment advisers to self-custody crypto assets under certain conditions. The plan would also permit state trust companies to serve as custodians for advisers and regulated funds. Atkins Wants Advisers to Self-Custody Crypto Assets Investment advisers could gain a clearer path to holding crypto […]
