CLARITY Act Failure Exposes Deeper US Crypto Divide
The CLARITY Act's failed Senate vote exposed a deeper political divide over how the U.S. should regulate crypto.
Speaking at CoinDesk's Policy & Regulation event on Sept. 22, Senator Cynthia Lummis blamed Democrats for blocking the bill. She argued that opposition to Donald Trump had overtaken support for crypto market structure legislation.
Democrats, however, had raised concerns about ethics provisions and other regulatory safeguards before the vote.
The legislation had grown from roughly 300 pages to more than 600 pages through negotiations between lawmakers from both parties.
The Senate needed bipartisan support to advance the legislation.