CLARITY Act Fails

A 50-49 vote left the Digital Asset Market Clarity Act short of the 60 votes needed to advance, after the House passed it in July 2025. Senator Thom Tillis (R-NC) switched his vote to “no” and entered a motion to reconsider, preserving a path for the Senate to try again if negotiators can find the missing votes. Overall, the sticking point was Donald Trump and the billions he has made from crypto since joining office. The problem now of course is time. Unless that reconsideration produces a different result quickly, the congressional push for this bill will be pushed beyond the November elections. Read more →

The Senate setback doesn’t mean crypto policy stops here. As Coinbase CEO Brian Armstrong put it, “clarity is coming to crypto regardless.” The SEC already proposed its Regulation Crypto Assets framework in August, creating new paths for token offerings and a potential safe harbor from securities status under certain conditions. Meanwhile, CFTC Chair Mike Selig has directed staff to use the agency’s existing authority to build a broader crypto-market regime, including pathways for exchanges and onchain protocols to operate legally in the U.S. Agency action isn’t as durable as legislation and could be changed by a future administration, but the regulatory work is already underway.

Circle (CRCL) is no longer just building the digital dollar – USDC – it is building the network that could move it. The company announced today that they have opened Arc, their new Layer 1 blockchain designed for financial markets, real-time payments, and AI-driven transactions. More than 100 apps are available at launch, while BlackRock, Visa and other founding validators are set to join in phases. Circle also minted the full 10 billion ARC supply in the U.S. Whether the token will launch publicly remains undecided. Read more →

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