The U.S. Senate failed to advance the Clarity Act during a procedural vote on Tuesday, as the bill did not reach the required 60-vote threshold. The legislation aimed to establish federal regulatory rules for digital assets and split oversight responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Stand With Crypto, an advocacy group supported by Coinbase, stated it will include the voting records of senators in its public scorecards ahead of the November midterm elections. Executive director Mason Lynaugh noted that the organization represents three million advocates and intends to mobilize them to influence electoral outcomes.
The failed vote followed negotiations regarding software developer protections, ethics restrictions, and the oversight of crypto trading firms. Additionally, banking groups lobbied for stricter limits on stablecoin rewards, expressing concerns that such payments could negatively impact bank deposits and lending activities.
In August, supporters of Stand With Crypto contacted Congress nearly 50,000 times through calls and emails. The group continues to organize local events and publish opinion pieces to maintain pressure on lawmakers. The organization maintains that the Clarity Act remains its primary policy objective.
