The CLARITY Act failed to pass a vote in the U.S. Senate. Bitcoin fell below $75,000

• The U.S. Senate failed to advance the CLARITY Act — 49 lawmakers backed the initiative, while 50 voted against it.
• The bill needed 60 votes to clear the procedural stage.
• Following the vote, bitcoin briefly dipped below $75,000.

The U.S. Senate did not support moving forward procedurally with the CLARITY Act, a bill to establish a structure for the crypto market. According to official data, 49 senators voted to end debate and proceed to consideration of H.R. 3633, 50 voted against, and one did not vote. 

Notably, clearing this stage required the support of three-fifths of the chamber, or 60 lawmakers.

All participating Democratic senators voted against it, along with Republicans Susan Collins, Josh Hawley, Jerry Moran, and Thom Tillis. Democratic Senator Chris Coons did not vote.

Reuters noted that Tillis switched his vote to “no” as part of a procedural maneuver. This preserves the option to bring the matter back before the Senate. However, the timeline for further progress on the initiative remains uncertain.

The failed vote was accompanied by a pullback in the crypto market. Bitcoin briefly fell to around $74,960, breaking below the $75,000 level. The move occurred immediately after it became clear that the CLARITY Act would not secure the required number of votes.

As a reminder, on September 14, Senators Cynthia Lummis, John Boozman, and Tim Scott presented the final version of the CLARITY Act. It included 126 changes proposed by Democrats, including ethics provisions. 

The document, in particular, introduced restrictions on the involvement of the president, vice president, members of Congress, federal judges, and their spouses in the crypto business.

Officials were set to be barred from retaining significant stakes in companies whose primary source of income is tied to issuing or promoting digital assets. The assets would have had to be sold or placed into a blind trust. The restrictions also covered paid token promotion, name licensing, and earning income from related activities.

However, some Democrats viewed the proposed measures as insufficient. Ahead of the vote, they sent Republicans a counterproposal. 

Among the sticking points was how the ethics restrictions would be enforced, including the powers of state attorneys general and whether the Office of Government Ethics could grant exemptions to individual officials.

Senator Mark Warner confirmed that a counterproposal was being prepared. At the same time, Democrats did not have a unified position. Kirsten Gillibrand urged colleagues to support moving the bill forward procedurally to continue negotiations, while Elizabeth Warren opposed the final draft.

The CLARITY Act is intended to establish a federal framework for regulating the digital asset market in the US and to divide authority between the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). After the procedural vote failed, the Senate will not be able to move on to further consideration of the bill without a new vote.

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