Clarity Act Vote Fails, Senator Kennedy Says Bill Not Dead Yet

The procedural failure matters less than the stated path forward: Kennedy's expectation of a lame-duck session signals the bill is parked, not buried, keeping US crypto market-structure rules in limbo through the election. The partisan blame exchange between Cruz and Democrats is the tell — market structure has become an election-season bargaining chip, which raises the odds any eventual deal is broader and later than the industry wants. Whether the lame-duck window actually produces movement, or the bill drifts into the next Congress, is the open question.