Crypto industry turns to US regulators after CLARITY setback

The CLARITY Act could still be revived after Senator Thom Tillis moved to reconsider the failed cloture vote, though industry executives are divided over whether Congress has enough time left.

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. 

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