Senate Rejects Clarity Act as Crypto Industry Infighting Sinks Regulation Push

RegulationDigital FinancePrice Action Impact 4
โดย Seeking Alpha·US·Read original
Summary · why it matters

The U.S. Senate rejected the Clarity Act, ending the cryptocurrency industry's campaign for a comprehensive federal regulatory framework after the bill failed to secure the 60 votes needed to advance, The Wall Street Journal reported late Saturday. The measure, which had sought clearer rules for digital-asset businesses, capped months of negotiations among lawmakers, crypto companies and banks, and eventually expanded beyond 600 pages as negotiators fought over stablecoins, consumer protections and the treatment of public officials' crypto holdings. Coinbase Global Chief Executive Brian Armstrong became one of the most influential figures in the debate, pushing lawmakers to preserve rewards Coinbase offers on holdings of the USDC stablecoin, which banks opposed on the grounds that interest-like crypto rewards could pull deposits from traditional financial institutions. The disagreement came to a head in January when Armstrong withdrew support for an early version of the bill shortly before a Senate committee vote, and Republicans' final attempt to win Democratic support by placing President Trump's crypto assets in a blind trust failed to produce enough votes. Coinbase shares fell more than 10% after the Senate setback, then rebounded later in the week after the SEC opened a path for tokenized stocks to trade in the United States, and the bill's collapse prolongs regulatory uncertainty for Coinbase and other U.S. crypto companies.

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Coinbase Global Inc
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Senate rejection of the Clarity Act ends the push for a federal crypto framework, prolonging regulatory uncertainty for Coinbase.

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