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Regulatory process after the Senate vote

The digital asset regulation bill known in the U.S. as the Clarity Act did not move to the next stage in the Senate last week. A commentary published by CoinDesk said none of the Senate Democrats voted to advance the bill. As a result, the long-awaited federal framework for the crypto market was delayed once again.

The bill aimed to clarify which rules would apply to digital assets and which agency would have authority in each area. Supporters said such a structure could speed up money transfers, reduce costs, and provide a more predictable operating environment for small businesses and financial technology startups.

What changed in the talks?

According to the commentary, lawmakers spent more than a year negotiating the text, and more than 120 amendments requested by Democrats were added to the bill. Even so, it still failed to secure the political support needed in the Senate.

Main changes reportedly added to the text

  • Expanded ethics rules
  • Ethics provisions related to President Donald Trump
  • Ethics rules covering elected officials and their spouses
  • A clearer role for state attorneys general in enforcement
  • Additional tools for law enforcement to combat money laundering

These points show that the bill was intended to strengthen not only market structure but also oversight and enforcement. Still, the vote suggested that clear crypto legislation may remain difficult to achieve in the near term, despite bipartisan efforts to reach a compromise.

Which agencies are markets watching now?

With the bill failing to advance, attention has shifted back to regulators such as the SEC and CFTC (Commodity Futures Trading Commission, the U.S. derivatives regulator). The commentary called on these two agencies to draw a clearer roadmap for digital assets while Congress continues its work.

For crypto companies and financial services startups, the core issue remains the same: it is still unclear which activities fall under which agency's authority. That uncertainty continues to have a direct impact on investor protection, compliance costs, and the pace at which new products reach the market.

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