US Senate fails to advance sweeping cryptocurrency bill in blow for industry
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The vote effectively put the bill, dubbed the Clarity Act, on ice, as Congress is set to depart Washington this month ahead of the November midterm elections
The U.S. Senate failed to advance comprehensive cryptocurrency legislation on Tuesday in a major blow for digital asset companies and Republicans who had championed the bill for months.
The vote effectively put the bill, dubbed the Clarity Act, on ice, as Congress is set to depart Washington this month ahead of the November midterm elections in which President Donald Trump’s fellow Republicans are fighting to retain control of the House of Representatives and Senate.
The Clarity Act aimed to create a regulatory framework for digital assets, which crypto companies say would put them on a more solid legal footing. The deep-pocketed industry spent hundreds of millions of dollars campaigning to advance the bill.
Reporting by Hannah Lang in New York; Additional reporting by Gertrude Chavez-Dreyfuss in New York; Editing by Matthew Lewis, Will Dunham and Hugh Lawson
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