Senate Blocks Major Crypto Bill

Senate Republicans on Tuesday failed to secure enough votes to invoke cloture and open floor debate on a sweeping cryptocurrency bill.

The Digital Asset Market Clarity Act—legislation that would establish a comprehensive regulatory framework for cryptocurrencies and other digital assets—has been stuck in the Senate for months.

Cleared by the Banking Committee in May, the bill has stalled on the floor as leaders struggle to assemble the 60 votes needed to end the debate and move it toward final passage. At least seven Democrats were necessary to avoid the filibuster.

The upper chamber voted 49–50 against the motion.

At the last moment, Sen. Thom Tillis (R-N.C.) changed his vote from "yea" to nay."

Sen. Cynthia Lummis (R-Wyo.), one of Washington's biggest crypto advocates, said the Clarity Act is not a partisan bill, noting that Democrats secured more than 100 separate concessions and accounted for half of the bill's 630 pages.

Lummis said those opposing the legislation were doing the United States a disservice.

"It's a vote against the consumer protections American families are counting on," Lummis said on the Senate floor shortly before the vote.

"It's a vote to hand the future of financial innovation to a foreign competitor, who will not be foolish enough to waste this chance to lead our global digital economy and onshore this industry and the good-paying jobs it creates.”