The Digital Asset Market Clarity Act failed to advance in the Senate with insufficient votes after a revised version removed criminal liability protections for software developers. Key disagreements between Democrats and Republicans over developer protections and ethics provisions prevented passage, though some lawmakers indicated the bill may not be permanently dead. Treasury Secretary Bessent signaled the administration would pursue illicit finance regulations through alternative regulatory channels.
A crypto industry advocate criticizes Democrats for obstructing the Clarity Act, arguing their regulatory hostility has delayed crypto legislation. He contends that regulatory agencies like the SEC and CFTC under the Trump administration can now provide necessary frameworks, while global adoption continues regardless of Washington's pace.