رؤى رئيسية
- إن قانون كلاريتي failed to advance following a 49–50 cloture vote, with every voting Democrat and four Republicans voting against it.
- Democrats argued that the bill failed to sufficiently address President Donald Trump’s crypto profits, whereas Republicans emphasized that 126 substantive changes were made during negotiations.
- Sen. Thom Tillis voted against the measure specifically to trigger a motion to reconsider, preserving a procedural path for the legislation to return.
On Tuesday, the U.S. Senate did not approve the Digital Asset Market Clarity Act, a cryptocurrency regulation bill championed by President Trump.
The legislative draft fell short of the necessary 60 votes in the Senate, finishing ten votes below the required threshold.
Senators Jerry Moran, Susan Collins, Josh Hawley, and Thom Tillis joined every Democratic senator in voting against the proposal, which resulted in 50 votes in favor and 49 against.
This defeat leaves the measure “on ice” as Congress enters a recess ahead of the November midterms.
Hours before the vote, Senate Republicans published a revised 616-page draft that incorporated a year of negotiations and “126 substantive changes” requested by Democrats.
When discussing the text, GOP negotiators highlighted new ethics provisions alongside a stablecoin “circuit breaker.”
Ethics Provisions Under Scrutiny
Critics focused heavily on new ethics provisions linked to President Trump’s cryptocurrency enterprise. Bill sponsor Sen. Cynthia Lummis (R-WY) noted that the final text “includes more than 120 of Democrats’ demands” and stated that Trump agreed to “unprecedented ethics restrictions.”
These safeguards addressed Trump’s capacity to issue or sponsor crypto assets, which had long been a major point of contention.
Critics contended that the ethics language still contains loopholes. Senate Banking Ranking Member Elizabeth Warren (D-MA) cautioned that the bill “does nothing to prevent [Trump] from vacuuming up his next $1.4 billion in crypto profits,” pointing out that it would bar state attorneys general and the incoming Justice Department from enforcement.
She stated that the act presented “massive risks to families…[and] will turbocharge President Donald Trump’s ability to rake in billions and billions of dollars from crypto.”
Additional Democrats and select Republicans reiterated these concerns, asserting that the wording fails to close the ethics loopholes completely.
Senator Ruben Gallego (D-AZ), who spearheaded ethics discussions for the Democrats, promised he “wouldn’t مستويات الدعم any piece of legislation that enables” Trump’s crypto earnings, accusing Republicans of “twisting themselves in knots to appease President Trump” rather than building a bipartisan compromise.
The debate centered on whether the ethics provisions truly insulate Trump’s holdings. Opponents observed that the bill’s rules explicitly allow federal officials to hold crypto while prohibiting state and private enforcement, meaning Trump’s $1.4 billion crypto windfall would remain largely unaffected.
Banking and Community Protection Concerns
Stablecoin yield regulations also served as a major flashpoint. Community bankers had “fiercely opposed provisions allowing rewards on stablecoin holdings,” out of concern over potential deposit outflows.
Although the final text added a provision empowering the منظمة مستقلة لامركزية (DAO) تتحكم فيها وتصرف منها.">الخزينة to freeze outflows, banks and their advocates remained unimpressed.
Senator Tillis cast a late no-vote specifically so that Republicans could reintroduce the bill at a later date.
However, with lawmakers returning to campaign trails, this revival is unlikely to happen before a new Congress takes office.
Crypto Industry Reaction
The outcome dealt a disappointing blow to the cryptocurrency market: البيتكوين tumbled more than 5% on Tuesday, marking its largest single-day drop since June, while shares of Coinbase and Circle dropped nearly 10%.
Coinbase CEO Brian Armstrong described the result as “disappointing” and encouraged regulators to take action within the boundaries of existing laws.
Without legislative action, rulemaking by the SEC and CFTC will continue, though analysts warn that piecemeal regulation is slower and less predictable than the written framework the Clarity Act would have established.
Lawmakers from both sides of the aisle acknowledge that the legislative window has closed. “It’s going to leave crypto firms and investors in limbo, waiting for new legislators and new proposals to act on before federal regulations take shape,” noted a senior aide.
هذا المقال مخصص لأغراض إعلامية فقط ولا يُعد بمثابة مشورة قانونية أو مالية أو استثمارية. يمكن أن تتغير المقترحات التشريعية أثناء المفاوضات وقد لا تصبح قانوناً في شكلها الحالي.
الأسئلة الشائعة
Q: Why did the CLARITY Act fail in the Senate?
A: The bill failed after a 49–50 cloture vote, falling ten votes short of the required 60-vote threshold.
Q: Who voted against the bill?
A: All voting Democrats alongside Republican Senators Jerry Moran, Susan Collins, Josh Hawley, and Thom Tillis opposed the measure.
Q: What were the main concerns raised by Democrats?
A: Democrats argued the bill did not do enough to address President Donald Trump’s crypto profits and contained enforcement loopholes.
Q: How did the market react to the vote?
A: البيتكوين dropped over 5% in its largest single-day decline since June, and shares of Coinbase and Circle fell nearly 10%.
أرنولد كيريمي 
