Senate blocks Digital Asset Market Clarity Act procedural vote

The U.S. Senate has blocked a key cryptocurrency bill from moving forward. Senators voted against a procedural step that would have allowed formal debate on the Digital Asset Market Clarity Act. Without that vote, the bill has gone back to committee.

The legislation was designed to create clear rules for crypto markets, covering developers, investors, and token issuers. Senate Republicans had released a full draft of the bill on July 22. Supporters had hoped to pass it before the August recess, because election politics could make progress harder later.

Investment firm Grayscale said the crypto industry can still move forward. It pointed to ongoing regulatory work by the SEC and CFTC, two federal agencies that oversee financial markets.