The US Senate rejected the CLARITY Act on September 15, falling 11 votes short of the required 60-vote threshold. The bill, which aimed to establish a federal framework for digital assets and clarify the oversight roles of the CFTC and SEC, failed to advance after opposition from all Senate Democrats and three Republican lawmakers.
Market reaction was immediate, with Bitcoin dropping 5% following the vote before rebounding to $78 180 by September 18. Shares of Coinbase and Circle declined by approximately 10%. The legislative stalemate delays further action on the bill until after the November midterm elections, with potential further postponement until 2029.
The banking sector continues to lobby for changes to stablecoin yield policies, citing concerns over the GENIUS Act of 2025. The Independent Community Bankers of America warned that current regulations could lead to a potential outflow of $1.3 trillion from community bank deposits. Meanwhile, the Federal Reserve raised interest rates to 3.75%-4% on September 16.
