CLARITY Act Fails to Advance in Senate, Brian Armstrong Says SEC and CFTC Will Proceed to Establish Clear Rules

Odaily Report: Brian Armstrong posted on X platform that the CLARITY Act failed to advance in the Senate today, which is disappointing. Bipartisan dialogue may continue, and the bill could be reintroduced in the future, but we can no longer wait for Congress. The SEC and CFTC can establish clear rules under existing authority, and he expects both agencies to begin seriously advancing this work, so regardless, cryptocurrency regulatory clarity will come.

Brian Armstrong stated that the GENIUS Act has become the current law in the stablecoin space, with more lenient provisions on rewards. He said that relevant teams made some unacceptable concessions in the CLARITY Act, so the bill's failure to advance may be the best outcome. Cryptocurrency cannot be eliminated, and as regulators gradually clarify the rules, relevant parties will continue to push for updates to the financial system.