US Senate fails to advance Clarity Act, crypto industry still lacks federal regulatory framework

Odaily News: The U.S. Senate failed to advance the Clarity Act, leaving the crypto industry still without a comprehensive federal regulatory framework, and the division of responsibilities among major financial regulators remains unclear.

Some industry participants said the vote result may push capital, talent, and innovation to 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)