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The Senate has failed to advance the CLARITY Act. The necessary 60 votes were not reached, meaning that debate on the legislation will continue.<\/p>\n
It is very important to understand that today’s vote wasn’t intended to pass the bill but rather to advance it further toward a final vote. This didn’t happen, which means that now the debate can continue, which will inevitably lead to further delays.<\/p>\n
As we recently reported<\/a>, the Digital Asset Market CLARITY Act includes fundamental provisions that seek to establish a clear divide between what the Commodity Futures Trading Commission and the Securities and Exchange Commission regulate.<\/p>\n Moreover, the text introduces what it calls “ancillary assets,” network tokens whose value may depend on entrepreneurial or managerial efforts, while also treating the tokens as commodities and requiring specific disclosures.<\/p>\n The bill also seeks to address major issues plaguing the decentralized finance field. The latest revisions seek to require CFTC registration for relevant spot digital-commodity activity taking place on centralized DeFi protocols. This may sound controversial, but it essentially targets protocols that appear decentralized yet have identifiable parties who retain meaningful control.<\/p>\n In addition, the companies through which most Americans actually buy and sell crypto are also being put under consideration for regulation. The CLARITY Act seeks to bring exchanges, brokers, and dealers into a defined federal registration and supervision regime.<\/p>\n The post BREAKING: US Senate Fails to Advance Crypto CLARITY Act, Here’s What It Means<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\n
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