Crypto markets dropped late on Tuesday and early Wednesday, as investors digested a defeat that few in the industry had expected.
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The procedural motion on the CLARITY Act drew 49 votes in favour and 50 against, 11 short of the 60 required to advance, dealing a major setback to efforts to pass market structure legislation this year.
The CLARITY Act, formally the Digital Asset Market Clarity Act, was meant to divide supervision of digital assets between the US Commodity Futures Trading Commission and the Securities and Exchange Commission, replacing a fragmented system in which…
