The CLARITY Act still has a procedural path after Senator Thom Tillis moved to reconsider the failed cloture vote, though industry executives are divided over whether Congress has enough time left.
Crypto industry leaders are looking to US financial regulators to fill the regulatory gap after a major crypto bill establishing a regulatory framework for digital assets stalled in the Senate on Tuesday.
The Senate voted 49-50 on a motion to invoke cloture and advance the CLARITY Act, short of the 60 votes needed as Democrats raised concerns over US President Donald Trump’s crypto investments.
Industry executives said the result was a disappointment, but pointed to potential rulemaking from the US Securities and Exchange Commission and Commodity Futures Trading Commission as the next best source of regulatory clarity.
Speaking to Cointelegraph’s Chain Reaction before Tuesday’s vote, Fireblocks US policy director Jessica Martinez said the company would continue engaging with regulators if the legislation failed.
“We’re going to continue working with the regulators, the SEC and the CFTC specifically,” Martinez said. Meanwhile, Ripple CEO Brad Garlinghouse on Tuesday, following the vote, said that US regulators will “continue to work hard to issue rules to fill the legislative gap,” as a reason to remain optimistic.