The Digital Asset Market Clarity Act failed to clear a critical Senate cloture vote on September 15, falling short 49-50 of the 60 votes needed to advance. The bill would have established clear rules for classifying cryptocurrencies and blockchain projects and given the CFTC expanded authority over crypto spot markets.
Industry reaction was pointed but measured. Ripple CEO Brad Garlinghouse said “this one stings… ultimately, consumers and U.S. competitiveness got left behind.” Other executives warned that relying on agency rulemaking instead of statute leaves crypto policy vulnerable to reversal by future administrations, with one noting “the next chair can rewrite an agency rule without a single vote in the Senate.” Several also pointed to the European Union’s MiCA framework as an increasingly attractive alternative for crypto development.
Despite the setback, most industry leaders expect banks and crypto firms to keep building regulated infrastructure through existing frameworks and forthcoming SEC and CFTC rules rather than waiting for Congress. The failed vote followed a last-minute Republican draft that Senate Democrats rejected, and it remains unclear whether negotiators will return to the table before year-end or whether the bill’s momentum has stalled for good.
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