Crypto Clarity Act Fails to Clear U.S. Senate Vote
The market structure bill fell short of the 60 votes needed to advance in the Senate, with Bitcoin dipping as the result became clear.
AfroEuropa Newsroom
AfroEuropa desk
A closely watched U.S. bill aimed at setting rules for crypto markets failed to advance in the Senate on Tuesday, according to reporting from CoinDesk and Decrypt.
The Clarity Act, described by Decrypt as the crypto industry's marquee legislation, did not secure the 60 votes required to clear the Senate's initial procedural hurdle. CoinDesk characterized the outcome as the end, at least for now, of a years-long push to establish market structure regulations for the sector in the United States.
According to Decrypt, Bitcoin declined as votes against advancing the measure accumulated, though the price movement stayed short of panic-level selling.
Ahead of the vote, CoinDesk reported that the two parties had entrenched their positions and that the bill had not gathered the support it needed to pass the scheduled Tuesday hurdle.
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