Clarity Act Fails Senate Vote as Banks and UAE Gain
The 49-50 cloture vote preserves agency-led rulemaking, protects banks from stablecoin yield competition and gives clearer jurisdictions a stronger pitch for crypto capital.
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The 49-50 cloture vote preserves agency-led rulemaking, protects banks from stablecoin yield competition and gives clearer jurisdictions a stronger pitch for crypto capital.
Garlinghouse’s call makes policy execution the key variable in US crypto competitiveness, with investors watching whether the ambition translates into durable adoption.
For institutions, agency action could offer a clearer US rulebook even if Congress leaves the CLARITY Act stalled.
The significance lies in the precedent for how DeFi and derivatives venues secure US access, not just in Hyperliquid's individual case.
The Clarity Act has stalled over Trump's crypto conflicts and stablecoin rewards, so the OCC is racing to execute GENIUS alone. A finalized November framework unlocks the queue of U.S.
The delay puts Congress back in the spotlight: the Digital Asset Market Clarity Act faces a 60-vote threshold and no clear negotiating path.
The argument shifts the policy question from Bitcoin's status to the rules governing the rest of the digital-asset market.
Selig's framing lands the same day Congress moved the Clarity Act forward — a structural signal that the regulatory perimeter for digital assets is being redrawn in Washington, not in the courts.
Senator Cynthia Lummis, the most prominent pro-crypto voice in the US Senate, has declared that the United States "will…