ABA, banking groups warn revised Clarity Act fails to protect community banks
What's happening
The Senate failed to advance the Digital Asset Market Clarity Act after a 49-50 procedural vote, knocking the bill out of contention and leaving crypto market structure unresolved. The collapse triggered market reactions, including a bitcoin price drop and weakness in crypto-related stocks such as Coinbase and Circle. Banking groups including the American Bankers Association warned the revised Clarity Act does not adequately protect community banks, and regulators may now be left to fill the gap in defining oversight for digital assets.
Why it's trending
Because the Senate vote killed the bill and market pain plus industry pushback made the regulatory gap urgent now.
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If Congress wants to protect community banks, killing the Clarity Act was the wrong move, but the version that failed also failed them first.
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Original sources14
- Blockchain Bulletin: CLARITY Act over after Senate vote?
This week on Blockchain Bulletin, the CLARITY Act failed to advance through the US Senate, bringing hopes of passing major crypto market structure legislation in 2026 to an end. Also this week, the European Central Bank invited merchants to join its digital euro pilot, authorities in Mexico uncovered a suspected cartel-linked cryptocurrency mining operation, Binance […]
Payment ExpertSep 17 - Crypto’s DC Blowup Leaves Banks, Issuers and Exchanges Looking to SEC
Crypto markets lost their big Washington vote Tuesday (Sept. 15). But the more important fight may be the one that finally came out into the open. The Digital Asset Market Clarity Act had been billed as the long-awaited rulebook that could pull cryptocurrency deeper into the regulated U.S. financial system. Its failure to advance, with […] The post Crypto’s DC Blowup Leaves Banks, Issuers an
PYMNTSSep 16 - After the Clarity Act’s Failure, the Crypto Industry Looks Ahead
The crypto industry is taking stock after the Clarity Act failed on Tuesday to secure the 60 votes needed to advance to a debate in the Senate. The bill could still return in a different form, but its biggest congressional champion, Senator Cynthia Lummis, was blunt: “It’s over.” The legislation would have established a comprehensive […] The post After the Clarity Act’s Fai
PaymentsJournalSep 16
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