The global crypto market declines nearly 3% on Tuesday after the Digital Asset Market Clarity Act failed to gather the required 60 votes needed to invoke cloture in the Senate.

Cloture is the formal Senate procedure used to break legislative gridlock and force a final vote on a bill.

The measure received 49 YEA and 50 NAY votes, falling short of the 60 threshold by 11 despite a series of negotiations from Republican lawmakers and a push from President Donald Trump.

Lawmakers react after CLARITY failed to progress

Crypto America host Eleanor Terrett noted that several Democrats who spent months negotiating the bill voted NO, with some blaming their Republican colleagues for not including stricter rules.

The bill’s chief author, Senator…