Clarity Act Stalls in Senate as Crypto Bill Fails to Clear Key Vote
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House Finance panel chair says regulator actions on crypto ‘fall short’ of CLARITY bill
Representative French Hill hopes lawmakers could pass a cryptocurrency market structure bill before the next session of Congress in 2027 as SEC and CFTC actions weren’t sufficient
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The French Senate adopted a bill authorizing the automatic exchange of crypto-asset tax information between international tax authorities, pending completion of the legislative process.
Democrats claim control of the US Senate
The shift in Senate control could change the path for the CLARITY Act, reshape committee leadership and bring closer scrutiny of Trump’s crypto businesses.
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A proposed US bill would let crypto investors correct past tax reporting mistakes through a dedicated disclosure program, with reduced penalties for eligible taxpayers.
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Hot inflation data revived Fed rate-hike bets, and leveraged bulls paid the bill as nearly $1 billion in crypto positions were liquidated.
SEC and CFTC Crypto Rules 'Fall Short' of Clarity, Says Rep. French Hill
The House Financial Services chairman credited the SEC and CFTC for stepping in after the Clarity Act's collapse but said only "permanent law change" can secure U.S. leadership.