US crypto market-structure bill fails a Senate test vote, and the fight moves to regulators

The most ambitious attempt to write rules for the US digital-asset market has stalled. On September 15, the Senate held a cloture vote on the motion to proceed to the Digital Asset Market Clarity Act, known as the CLARITY Act. It failed by 49 votes to 50, well short of the 60 needed to open debate, according to DLA Piper’s summary of the vote and Senate records.

The bill is not dead. Senator Thom Tillis filed a motion to reconsider, a procedural step that keeps the door open. But with midterm elections approaching, its path this year has narrowed sharply.

Who voted, and why it fell short

Every Democratic senator opposed the motion to proceed. They were joined by four Republicans: Susan Collins of Maine, Josh Hawley of Missouri, Jerry Moran of Kansas, and Tillis of North Carolina, who has said his no vote was cast to preserve the right to seek reconsideration. Senate cloture requires a 60-vote supermajority, so a bill with even 55 backers cannot advance.

The CLARITY Act had momentum before it reached the floor. The House passed it 294 to 134 in July 2025, and the Senate Banking Committee approved it in May 2026. Negotiations then stalled over two issues: ethics provisions covering the president and his family, and the unresolved question of whether stablecoins may pay yield to holders.

The confidence that did not survive the vote

The result was also a lesson in reading prediction markets. Polymarket had priced the CLARITY Act’s passage near 82 percent as recently as February, according to Crypto Briefing. By the time senators voted, those odds had fallen into the mid-20s. The market moved in the right direction, but from an overconfident start, underweighting the structural difficulty of the Senate’s 60-vote rule.

Speaking at CoinDesk’s policy event on September 22, Senator Cynthia Lummis, a leading Republican sponsor, said she was “dismayed, dumbfounded and saddened” by the outcome. Republican sponsors said they had made 126 substantive changes at Democrats’ request.

What happens now

With legislation stalled, rule-making shifts to the agencies. The SEC and CFTC can move through exemptions, no-action relief and rules, tools that are faster than a law but that a future administration can reverse. In the meantime, the European Union’s MiCA regime, which has applied to stablecoins since mid-2024, gives firms a clearer written rulebook to build against. For US market structure in 2026, the story has turned from a legislative one into a regulatory one.