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CLARITY ACT UPDATE
The Senate’s crypto market structure push hit a major roadblock today.
The Senate voted 49-50 against advancing the CLARITY Act, falling well short of the 60 votes needed to move forward.
Important distinction: this was NOT a final vote on the CLARITY Act itself. It was a procedural vote to advance the legislation and begin moving it through the Senate.
So what happened?
The CLARITY Act is intended to create a comprehensive U.S. regulatory framework for digital assets, including establishing clearer jurisdiction between the SEC and CFTC.
The biggest sticking point going into today's vote was the bill's ethics provisions involving crypto holdings by federal officials, particularly President Trump's crypto interests. Democrats pushed for stronger restrictions, including divestment requirements, while Republicans argued the revised bill already included significant ethics safeguards.
Republicans did make changes ahead of the vote, including expanding the ability of state attorneys general to enforce certain ethics provisions, but the changes weren't enough to secure the votes required to advance the bill.
What happens now?
The CLARITY Act is not technically dead, and the Senate could attempt another procedural vote.
However, the legislative calendar is getting extremely tight ahead of the November midterms, making passage during this Congress significantly more difficult.
TLDR:
CLARITY wasn't rejected on a final vote today. The Senate failed to get the 60 votes required to advance it.
U.S. crypto market structure legislation is stalled for now, and the path forward just became much more difficult.
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