TLDR
- The Senate rejected a cloture vote on the CLARITY Act 49-50, falling 11 votes short of the 60 needed to advance.
- Bitcoin fell below $76,000 around the vote, dropping as much as 4.3% from earlier levels near $78,250.
- Ethereum, XRP and Solana also declined sharply, with XRP down more than 10% during the session.
- Ethics provisions covering crypto interests held by federal officials remained the main unresolved dispute.
- Former CFTC Chair J. Christopher Giancarlo said the SEC and CFTC can keep building crypto rules without new legislation.
The Senate failed to advance the Digital Asset Market Clarity Act on September 15. The cloture vote came in at 49-50, missing the 60 votes required to move the bill toward formal debate.
The official tally was recorded at 2:19 p.m. ET. One senator, Chris Coons of Delaware, did not vote.
Crypto prices moved lower around the result. Bitcoin dropped below $76,000, falling as much as 4.3% from an earlier level near $78,250.
Ethereum fell more than 5% to around $2,397. XRP dropped over 10%, and Solana declined more than 4%.
What Held Up the Vote
Ethics rules covering crypto holdings by government officials were the central sticking point. Republicans had revised the bill after President Trump agreed to parts of a bipartisan ethics proposal from Senators Thom Tillis and Ruben Gallego.
The updated draft added restrictions on crypto financial interests and gave state attorneys general more enforcement power. Democrats said the changes still did not go far enough on divestment rules.
Stablecoin rewards and decentralized finance rules also complicated talks. Banks argued that interest-like rewards on stablecoins could pull deposits from traditional institutions, while crypto firms pushed back on limits they see as too broad.
Four Republicans voted against the motion alongside all participating Democrats. Susan Collins, Josh Hawley and Jerry Moran voted no, while Thom Tillis switched his vote to no for procedural reasons, which preserves his ability to file a motion to reconsider.
Regulators Say Work Continues Without Congress
Former CFTC Chairman J. Christopher Giancarlo said the SEC and CFTC can move forward under their existing authority even without the bill. He said both agencies remain prepared to build digital asset frameworks under current law.
Coinbase CEO Brian Armstrong said the industry cannot keep waiting on Congress and pointed to regulator action as the next path forward. Ripple CEO Brad Garlinghouse called the result disappointing and urged the SEC and CFTC to fill the gap left by Congress.
Senate Banking Chair Tim Scott asked regulators to set clear rules until lawmakers pass legislation. Senator Cynthia Lummis blamed Democrats for the outcome, while Democrats maintained that ethics concerns were not adequately addressed.
The SEC has already proposed Regulation Crypto Assets, a 402-page framework with registration exemptions and a safe harbor for some token offerings. The CFTC has said it is preparing its own market structure proposals as well.
The House passed its version of the bill in July 2025 by a vote of 294-134. The Senate developed its own text through committee talks before the cloture vote failed.
What Happens Next
The vote does not remove the bill from the Senate calendar. Tillis’s procedural no vote leaves an opening for reconsideration.
Senator John Kennedy said the bill could return during a lame-duck session after the November elections. Senator Ted Cruz described the measure as mostly dead for now.
House Republicans have also cut short their September calendar, leaving less time for further action. Markets are now weighing the bill’s failure alongside the Federal Reserve’s September 16 rate decision.
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