The White House will not wait for a potential revival of the bill during the lame-duck session, instead directing the SEC and CFTC to proceed under existing authority. This shift includes maintaining the timeline for GENIUS stablecoin rulemaking and continuing efforts on tokenization and digital-asset market structure. Because these measures rely on agency rules rather than legislation, the new framework is more vulnerable to legal challenges and less durable.
Wednesday, October 21, 2026
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Senate Defeats CLARITY Act Crypto Bill
Crypto27 days ago
The Trump administration is shifting its digital asset strategy toward executive rulemaking after the U.S. Senate defeated the CLARITY Act. White House crypto adviser Patrick Witt blamed Democrats and banks for the bill's failure, while Senate Banking Committee Chair Tim Scott stated that Senate Democrats killed the legislation. Senator Cynthia Lummis added that opponents of the bill prioritized their personal dislike of President Trump over passing the act before the midterms.
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