The US Senate failed to advance the Digital Asset Market Clarity Act after the procedural vote fell short of the 60 needed to move forward. While this was “disappointing,” Coinbase co-founder Brian Armstrong said that bipartisan talks may continue and the bill could get another chance.
The exec, however, acknowledged that the industry “cannot wait” for Congress anymore.
Calls for a Post-Mortem
Armstrong said that the SEC and CFTC already have enough authority to establish clear rules and expects them to start working on that in earnest. According to the Coinbase chief, “clarity” is coming to crypto regardless of what happens with the bill. Armstrong also noted that some concessions made on CLARITY were difficult to accept. That could make its setback easier to take, while adding that the industry cannot be “uninvented.”
Meanwhile, Ripple CEO Brad Garlinghouse said that “this one stings.” He asserted that the team gave everything it had to get the bill across the finish line.
“This was an opportunity bigger than Ripple or one company – we did this for the industry, for consumers and to cement the US’s position as the crypto capital of the world and as a leader in the future of finance. Ultimately, consumers and US competitiveness got left behind.”
Garlinghouse also called for a post-mortem on the failure while blaming Democratic politics for elevating the “anti-crypto army” over policy. Still, he sees reason for optimism. He expects the SEC under Chair Atkins and the CFTC under Chair Selig to keep working on rules that address the legislative gap.
Four Republicans Oppose Bill
Tuesday’s vote followed a series of last-minute talks between Republicans and crypto-friendly Democrats who were trying to reach a deal. Around a dozen Democrats were seen as possible supporters of the legislation. However, they ultimately held back their votes after negotiations over ethics rules failed to produce an agreement. Concerns also remained over President Trump and his family’s involvement in the crypto industry.
Three Republicans joined the opposition: Susan Collins of Maine, Josh Hawley of Missouri, and Jerry Moran of Kansas. Delaware Democrat Chris Coons did not vote. Thom Tillis of North Carolina also voted against the measure for procedural reasons so he could file a motion to reconsider and keep open the possibility of another vote.
The outcome drew reactions from lawmakers across Congress. Ruben Gallego said Republicans should have worked more closely with Democrats on a version that included stronger ethics provisions. Catherine Cortez Masto said she had negotiated until the final moments but added that important issues remained unresolved after Republican leadership ended talks.
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