Crypto market structure bill fails in Senate vote, 49-50

• Key insight: The Senate did not advance the crypto market structure bill, known as the CLARITY Act. 
• Forward look: The procedural event has likely stalled the bill until the next Congress. 
• What's at stake: For banks, the failure of the vote means that they have another chance to ban stablecoin yield provisions in a future bill, but also means they won't immediately get permissibility wins included in the current bill. 

WASHINGTON — A procedural vote on the crypto market structure bill failed 49 to 50. 

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The vote culminates months of negotiations between Democrats and Republicans on what the future of regulatory treatment of digital assets should look like. The vote is a sweeping defeat for crypto advocates who fought hard to pass the bill in this Congress, sparring with bankers and spending a record-amount of money in the 2024 elections to put lawmakers who would advocate for their interests in powerful positions. 

The vote's failure is also a statement on how powerfully negative President Donald Trump's brand — as well as his and his family's ties to crypto — are to Democrats, especially as the party eyes reclaiming both the House and the Senate in the November midterm elections.