A key Senate vote on the Digital Asset Market Clarity Act fell short of securing the required 60 votes in the U.S. Senate on Sep. 15, leaving a far-reaching U.S crypto bill stuck in limbo. Wh
A key Senate vote on the Digital Asset Market Clarity Act fell short of securing the required 60 votes in the U.S. Senate on Sep. 15, leaving a far-reaching U.S crypto bill stuck in limbo.
While there were 50 votes in favor, 49 senators—a few Republicans and all Democrats—voted against it.
Related: Bitcoin ETFs post worst day since June as CLARITY stalls
Yesterday's cloture vote wouldn’t have passed the bill. It would have ended the debate on the motion to proceed and cleared the way for the Senate to formally take up the crypto legislation. Falling short means the bill will not move forward for now.
It is the most comprehensive attempt yet to tackle crypto's biggest open question: who regulates what. Securities go to the Securities and Exchange Commission (SEC). Commodities go to the Commodity Futures Trading Commission (CFTC). Right now, that line barely exists when it comes to cryptocurrencies, and the CLARITY Act aims to draw it.
As the CLARITY Act again failed to progress, Brian Armstrong, the billionaire co-founder and CEO of the Coinbase Global (Nasdaq: COIN) crypto exchange, called it a "disappointment." He argued that the industry cannot wait on the Congress anymore and urged the securities and commodities regulatory bodies in the country to take control.
Armstrong has been among the strongest industry voices backing the bill's progress. He has consistently countered the banking industry's opposition to the bill.
At the heart of the U.S. banking industry’s criticism is rewards offered by stablecoins–digital assets pegged to the dollar. Banks worry customers would move their money out of traditional banks and into stablecoins instead.
In January, Armstrong even withdrew his support from the Senate draft of the legislation so that the stablecoin provision doesn't get deleted or diluted.
Brian Armstrong, chief executive officer of Coinbase Global Inc., during a television interview on Capitol Hill in Washington, DC.Getty Images
Calling the latest vote failure a "disappointment," Armstrong said the SEC and CFTC "have the tools they need to create clear rules under existing authority," adding he expects the agencies "will begin working on this in earnest."
"So clarity is coming to crypto regardless," he added.
The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, signed by President Donald Trump July last year, already regulates stablecoins and is even more permissive on rewards, he said.
"The SEC and CFTC have the tools they need to create clear rules under existing authority, and I expect will begin working on this in earnest," the Coinbase CEO said. "So clarity is coming to crypto regardless."
The CLARITY Act didn't advance in the Senate today, which was a disappointment. While it's possible bi-partisan conversations continue and it lives to fight another day, we can't wait on Congress anymore.The SEC and CFTC have the tools they need to create clear rules under…
— Brian Armstrong (@brian_armstrong) September 15, 2026
The billionaire remarked that despite the crypto industry’s "tough to swallow" concessions on the CLARITY Act, its failure to proceed is "perhaps for the best."
His closing take: "Crypto can't be uninvented. With clarity emerging through the regulators, we'll continue updating the financial system."
Related: SEC Chair Atkins reveals what comes next if CLARITY Act stalls
