US Senate Fails to Advance Clarity Act, Crypto Regulation Shifts to Federal Agencies

Odaily News: The U.S. Senate failed to advance the Clarity Act last week in a procedural vote of 49 in favor and 50 against, falling short of the required 60-vote threshold. Negotiations on the market structure bill reached a deadlock over ethics provisions related to Trump's crypto business.

The U.S. Securities and Exchange Commission (SEC) subsequently introduced a digital asset "innovation exemption," allowing qualifying platforms to trade onchain tokenized U.S. stocks without registering as national securities exchanges. The U.S. Commodity Futures Trading Commission (CFTC) issued a no-action position for passive software providers and submitted a broader crypto market rulemaking proposal to the White House for review.

The Federal Reserve proposed requiring stablecoin issuers under its supervision to fully back tokens with safe, liquid assets and hold capital against operational risks. The Office of the Comptroller of the Currency (OCC) is advancing stablecoin rulemaking and plans to finalize the relevant rules by November. (Decrypt)