COIN, CRCL In Focus: Crypto Industry Eyes 'Plan B' After CLARITY Act Fails To Advance In Senate

The failed vote leaves regulatory rulemaking in greater focus as lawmakers remain divided over the crypto market structure bill.

• The Senate failed to advance the CLARITY Act, as a 49-50 vote on Tuesday fell short of cloture. 
• Gemini co-founder Tyler Winklevoss said the crypto industry may now turn to regulators as a ‘Plan B’ for clearer rules. 
• Senate Banking Chair Tim Scott said the SEC and CFTC should set clearer digital asset rules while Congress continues working on legislation. 

The crypto market’s biggest legislative catalyst this year hit a procedural roadblock again. The Digital Asset Market Clarity Act (CLARITY Act) did not advance in the Senate on Tuesday, prompting crypto industry leaders to call on U.S. regulators to write rules for the sector, which Gemini co-founder Tyler Winklevoss has called a “Plan B”.

Senate Daily Press Gallery reported that the Senate rejected the motion to invoke cloture on the motion to proceed to the bill (49-50). The motion required 60 votes. The outcome came hours after crypto firms made a last-ditch effort for the bill. 

Winklevoss said the industry would now shift to "Plan B." In an X post, he directed his comments toward Securities and Exchange Commission (SEC) Chair Paul Atkins and Commodity Futures Trading Commission (CFTC) Chair Michael Selig, claiming the two would be "writing Clarity through rulemaking."