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Seven U.S. Democratic senators declared on Wednesday that they remain committed to passing the Digital Asset Market Clarity Act, pushing back on calls to write off the bill after it failed a key Senate procedural vote. "This week was a setback, but not the end of that important work," the group led by Sen. Kirsten Gillibrand (D-NY) said in a joint statement alongside Angela Alsobrooks, Cory Booker, Catherine Cortez Masto, Ruben Gallego, Mark Warner, and Raphael Warnock.
The statement comes a day after the bill secured only 49 yes votes, well short of the 60 needed to advance, a result that led many observers to declare the legislation dead. All seven senators who signed Wednesday's statement had voted no on Tuesday. The group stressed it has worked for two years on crypto legislation meant to expand opportunity, protect consumers, punish bad actors, and create regulatory certainty, and pledged to keep working "in a bipartisan fashion."
Why it matters
The vote's failure is not the same as the agenda's collapse. The explicit recommitment from seven Democratic senators keeps bipartisan crypto legislation on the table for a future session, even if the near-term window looks hostile. Analysts at StoneX view the bill as dead for this Congress, with only 14 working days left before campaign season.
Market impact
Attention now shifts to regulators. Bernstein analysts expect the SEC and CFTC to fill the gap through specific rule-making on token classification, DeFi and self-custody protections, and equity tokenization. JPMorgan analysts added that agency rulemaking could establish guardrails that "appease the crypto-ecosystem and instill some confidence into incremental capital flows," though such rules are less durable than statutes. Watch for SEC and CFTC action on token classification as the next concrete catalyst.
Frequently asked questions
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What happened to the Clarity Act in the Senate?
The Digital Asset Market Clarity Act failed its procedural vote on Tuesday, receiving 49 yes votes when 60 were needed to advance.
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Which Democratic senators signed the statement supporting the Clarity Act?
Kirsten Gillibrand, Angela Alsobrooks, Cory Booker, Catherine Cortez Masto, Ruben Gallego, Mark Warner, and Raphael Warnock signed the Wednesday statement. All seven had voted no the day before.
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Is the Clarity Act dead for this Congress?
StoneX analysts believe so, noting there are only 14 working days left before campaign season, though the seven senators say the broader effort continues.
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How will crypto regulation proceed if the bill fails?
Bernstein analysts expect the SEC and CFTC to issue specific rule-making covering token classification, DeFi and self-custody protections, and equity tokenization.
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Why does agency rulemaking matter for crypto markets?
JPMorgan analysts say rulemaking could establish guardrails that instill confidence into incremental capital flows, though it is less durable than legislative statutes.
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