With a Key Vote Failed, What's Next for the Clarity Act?
The market structure bill for crypto was seen as an important catalyst for the industry.
Overview
On Sept. 15, the Senate voted down the Clarity Act, a bill that would set the first federal market-structure rules for crypto and split oversight between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC). The Act is now likely shelved until after the Nov. 3 midterm elections, and it may not return even after that. In the 24 hours after the vote failed, cryptocurrencies like XRP (CRYPTO: XRP) fell 8.5%, while Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) dropped by 2.9% and 3.3%, respectively.
So far, the sell-off isn't that bad, and regulators have already signaled that they're preparing to do some of what the bill was trying to accomplish by advancing new policies of their own. Here's what comes next.
Image source: Getty Images.
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Originally published at www.fool.com.