US Senate fails to advance Digital Asset Market Clarity Act, falling short of 60 votes; Coinbase and Ripple executives signal regulatory path forward through executive agencies.
Regulation & Gov ·
The US Senate's procedural vote on the Digital Asset Market Clarity Act fell short of the 60 votes required to advance. Coinbase co-founder Brian Armstrong termed the outcome disappointing but indicated that bipartisan negotiations may resume and the bill could face another vote. He stressed, however, that the industry cannot postpone action by waiting for legislative progress.
Armstrong argued that the SEC and CFTC already possess sufficient legal authority to develop comprehensive crypto regulations and predicted they will pursue this work actively. He characterized regulatory clarity as inevitable for the sector independent of the bill's fate, noting that some compromises embedded in the proposal were difficult to accept. Ripple CEO Brad Garlinghouse similarly framed the failure as damaging to consumers and US competitiveness. He blamed Democratic political dynamics for the outcome and requested a detailed review of what occurred, yet remained optimistic that Chair Atkins at the SEC and Chair Selig at the CFTC will continue developing rules to fill legislative gaps.
The vote revealed internal Republican divisions: three Republicans opposed the measure, while another voted against it on procedural grounds to preserve options for reconsideration. Democratic support, initially a possibility for roughly a dozen members, did not materialize after negotiations over ethics provisions and concerns about executive involvement in crypto collapsed without resolution.