The US Senate blocked the Digital Asset Market Clarity Act from advancing on 15 September. A procedural vote failed by 49 votes to 50, according to CoinDesk. The measure required 60 votes to proceed. The vote was on a motion to invoke cloture on the bill, H.R. 3633.
The proposal fell 11 votes short of the 60-vote threshold. The bill sought to establish clearer jurisdictional boundaries between the Securities and Exchange Commission and the Commodity Futures Trading Commission, and to create rules for digital-asset issuers, exchanges and intermediaries. Its failure leaves federal regulators with more responsibility for setting US crypto rules through existing statutory authority, FinanceFeeds reported.
LEGISLATIVE ROUTE STALLED
The vote was a decision on whether to advance the measure, not a final vote enacting or rejecting a completed statutory regime. Congress is due to recess on 5 October, and 24/7 Wall St. reported that if the bill does not clear the Senate before then, it would almost certainly have to restart in the next Congress.
Banking groups had warned that stablecoin rewards could draw deposits away from traditional banks, FinanceFeeds reported. CoinDesk reported that the crypto industry would turn its focus to federal regulators, noting the SEC’s recent proposal to ease fundraising rules for crypto projects. SEC Chairman Paul Atkins has acknowledged that regulatory action lacks the durability of legislation.
REGULATORS RETAIN THE IMMEDIATE ROLE
Democrats had objected to provisions on ethics restrictions for federal officials’ crypto interests, national security and the treatment of stablecoin rewards, FinanceFeeds reported.