The CLARITY Act stalls: who is writing US crypto law now

Livestream hosted by Fernando Molina on the Territorio Blockchain channel.

The big crypto market bill in the United States fell just short: the CLARITY Act received 49 votes to 50, when it needed 60 to advance in the Senate. In this video, Fernando Molina reviews how things got to this point, who now controls the committees that set the regulatory course and what the change of hands means for those investing from Spain or Latin America.

A lost vote and a lengthening timeline

The 49-50 result left the initiative without the supermajority required by the procedure. After the November 3 elections, the balance of power in the US Congress shifted and, according to the sources cited in the video, the bill was effectively shelved until January. In other words, the market framework the industry had been demanding for years does not disappear from the debate, but it does lose the momentum it had until now.

Warren and Waters: the committees now in charge

The core of the analysis is the changeover in the bodies that draft and vet financial legislation. Elizabeth Warren will chair the Senate Banking Committee, while Maxine Waters is seeking to lead the House Financial Services Committee. Added to this is the return of Sherrod Brown to the Senate, another longstanding voice in scrutinising the sector. Fernando Molina devotes the video to explaining what this combination means for the future of crypto regulation in the United States.

What the Democratic draft includes

In contrast to CLARITY, the host outlines the pillars of the Democratic draft: refunds within 24 hours, audits, treatment of decentralised finance (DeFi) and a broader role for the SEC. He also notes that much of CLARITY’s content —around 80%, by his reading— would be retained, and distinguishes between what stays and what shifts in this new phase.

How it affects investors in Spain and Latin America

The video closes with a breakdown by investor profile: what changes for long-term investors, for those trading on global platforms and for those closely following the development of DeFi projects. US regulation sets the tone for the global market, which is why a legislative deadlock in Washington ends up being felt on this side of the Atlantic too. Fernando Molina also poses an open question to the audience: a tougher law but with safeguards such as getting your money back within 24 hours, or waiting for a looser framework further down the line?

Frequently asked questions

What is the CLARITY Act?

It is the legislative proposal that sought to establish the framework for the crypto-asset market in the United States. It failed the Senate vote, where it received 49 votes to 50 and needed 60.

Who now decides crypto regulation in the US?

The weight falls on Congress’s financial committees: Elizabeth Warren will chair the Senate Banking Committee and Maxine Waters is in the running to chair Financial Services in the House.

Is all the work on CLARITY lost?

According to the video’s analysis, much of the text would remain on the table; what changes is who drafts it and with what priorities, with a greater role for the SEC and for audit and user protection obligations.

This content is for informational purposes only and does not constitute financial advice.

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