The Senate failed to advance the Digital Asset Market Clarity Act, dealing a major setback to legislation designed to finally answer one of crypto’s biggest questions: Who exactly is in charge here?

The 49-50 procedural vote fell short of the 60 votes required to invoke cloture and move the bill forward, sending the crypto market’s regulatory dreams down a steeper slope than Terra (LUNA) and TerraUSD (UST), Aave, SafeMoon, FTX, or any other number of the crypto ecosystem’s notable blowups.

Republican Sens. Susan Collins, Josh Hawley, Jerry Moran and Thom Tillis voted no, although Tillis reportedly did so to preserve the ability to…