Seven moderate Democrats led by Kirsten Gillibrand and Ruben Gallego have pledged renewed bipartisan talks to restart the stalled CLARITY Act, but the crypto industry remains deeply skeptical. The bill failed on a 49-50 procedural vote, with no Democrats backing it due to limited ethics provisions. Market prediction platforms show less than a 30% chance of passage in the next two years. Meanwhile, SEC Chair Paul Atkins and CFTC leaders vow to fast-track rulemaking regardless of legislative progress.
Seven moderate Democrats, led by Kirsten Gillibrand and Ruben Gallego, insist they remain “committed to working in a bipartisan fashion to get this legislation passed.” The group has stated they will restart talks over the stalled CLARITY Act. The move follows behind-the-scenes efforts to fast-track the crypto bill before year-end, according to reporter Eleanor Terrett.
Pro-crypto analyst Nate Geraci called the pledges “all talk,” noting, “There was no ‘working in a bipartisan fashion’ on crypto during the Biden admin. It was purely anti-crypto & regulation by enforcement. So it’s all talk. Actions speak louder than words.” The bill failed with a 49-50 vote after Democrats blocked a procedural step. Seven moderate Democrats were expected to back the bill and hit the 60-vote threshold, but none voted for it, citing limited ethics provisions.
Market data from Kalshi showed less than a 30% chance of the bill passing into law within the next two years. JPMorgan analysts believe the bill is not dead yet but has a narrow window for passage. Regardless of legislative outcomes, SEC Chair Paul Atkins has vowed decisive action, stating, “I have been unequivocal: with or without legislation, we will act decisively within the SEC’s statutory authority to deliver certainty for American investors.”
SEC and CFTC leaders have pledged to fast-track rulemaking after the crypto bill stalled. Whether a future administration will reverse these upcoming rules remains unclear.
