Senate Vote Kills Clarity Act in 49-50 Defeat

The decisive detail is not the margin but the ceiling: 49 votes against a 60-vote threshold, with zero Democratic support despite 126 negotiated changes, means the bill's coalition never existed rather than merely fell short. That leaves the market-legislative path stalled and shifts the practical locus of US crypto rulemaking back to agencies and the courts, where outcomes are slower and less predictable. The immediate equity reaction is a reminder that listed crypto names now trade on regulatory headlines as much as on flows. Whether any bipartisan vehicle can be rebuilt is the open question.