CLARITY Act Fails: Former CFTC Chair Says Regulators Must Step Up
The CLARITY Act suffered a setback after the Senate rejected a procedural motion 49 to 50, falling short of the 60 votes needed. Former CFTC Chairman J. Christopher Giancarlo said the SEC and CFTC can continue developing digital asset frameworks under existing authority. The bill would have divided responsibilities between the two agencies and created registration paths for exchanges and brokers. The SEC has already proposed Regulation Crypto Assets, a 402-page framework. Industry leaders, including Coinbase's Brian Armstrong, urged action beyond Congress. The bill remains technically alive but faces limited legislative time. Read the full report at CoinRaftar.
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