CLARITY ACT: THE SENATE VOTE FAILED 49 TO 50. THE FIGHT NOW MOVES TO THE REGULATORS

Summary from the TLDR Fintech newsletter

Congress' effort to establish a federal framework for digital assets has stalled after the Senate fell short of the 60 votes needed to advance the legislation, with disagreements over ethics provisions emerging as the key sticking point. With the midterms approaching, the SEC and CFTC are likely to shape crypto rules through exemptions, guidance, and rulemaking instead, while questions such as stablecoin yield remain unresolved.