Clarity Act Senate setback seen weighing on U.S. crypto industry

The U.S. crypto industry now faces a prolonged lack of regulatory clarity after a Senate cloture vote on the CLARITY Act, a cryptocurrency regulation bill, failed on Sept. 15, according to CoinDesk. CoinDesk said the bill’s collapse has fueled industry concerns that capital, talent and technological innovation could flow from the U.S. crypto market to overseas markets with clearer regulatory environments. The outlet added that rulemaking by the U.S. SEC and the CFTC could help, but the two agencies’ regulatory jurisdiction also remains unclear. Legislation is still important to protect consumers and preserve the long-term competitiveness of the U.S. industry, CoinDesk said.