00:00It's Benzinga, bringing Wall Street to Main Street.
00:02The Senate blocked the Clarity Act from advancing Tuesday,
00:05stalling legislation that would create a comprehensive regulatory framework for the
00:08cryptocurrency industry, according to CNBC. The procedural vote failed 50 to 49,
00:14short of the 60 votes needed to advance the bill. Republican leaders had revised the
00:18legislation to add ethics restrictions after Democrats raised concerns about public officials
00:23profiting from crypto ventures. The bill would divide oversight between the SEC and CFTC,
00:28establish registration requirements, and strengthen protections against money laundering.
00:32Bitcoin fell 3% following the vote, while Coinbase and Circle shares dropped 8% and 10%,
00:38respectively. The failed vote could delay congressional action on crypto regulation
00:42until next year. For all things money, visit Benzinga.com.
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