US Senate fails to advance crypto Clarity Act — The Japan Times

The US Senate in Washington did not support a procedural vote to advance the Clarity Act bill, which was intended to create a regulatory framework for the cryptocurrency market worth about $2 trillion. Forty-nine senators voted for the move and 50 against it; four Republicans were among the opponents, The Japan Times reports.

The bill was intended to determine which cryptocurrencies fall under securities legislation and which are subject to commodity market regulation rules. Representatives of the crypto industry consider the document important for the sector's continued operations in the United States and for eliminating legal uncertainty.

Industry spending did not secure the votes

According to the publication, crypto companies collectively spent more than $300 million on the 2024 and 2026 elections, supporting candidates favorable to cryptocurrency regulation and running nationwide advocacy campaigns. Analysts, company executives, and academics said that the voting result demonstrated the limits of the industry's political influence. By their estimates, the crypto industry still has about $130 million left for political activity.

Kevin Vysotsky, head of policy at crypto platform Anchorage Digital, said the sector would continue to support candidates with pro-cryptocurrency positions regardless of their party affiliation. Mason Lina, director of the Coinbase-backed Stand With Crypto group, said that members of the organization had become aware of which lawmakers oppose them and would vote accordingly.