US Senate fails to advance Clarity Act, leaving crypto industry without a federal regulatory framework

Odaily reports: The U.S. Senate failed to advance the Clarity Act, leaving the crypto industry still lacking a comprehensive federal regulatory framework and with the division of responsibilities among major financial regulators yet to be clarified.

Some industry participants said the vote outcome could push capital, talent, and innovation toward overseas markets with clearer regulatory rules. Rulemaking by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) may provide guidance in the short term, but legislation is still considered important for consumer protection and maintaining U.S. competitiveness. (CoinDesk)