The U.S. Senate failed to advance the CLARITY Act on Sept. 15, voting 49–50 on cloture, 11 votes short. The source does not give a year for the vote. Bitcoin rose roughly 8% over two weeks, while Ether gained about 7%, NEAR nearly 104% and Uniswap nearly 49%; Bitwise investment chief Matt Hougan argues the bill’s failure helped drive the rally.
Hougan says the failure left exchanges able to offer stablecoin rewards under a gap in the 2025 GENIUS Act and kept a proposed national spot-exchange license from opening the market to new entrants. The source also reports that the SEC issued a five-year exemption for certain tokenized stock trading two days after the vote and clarified that a buyback announcement does not, by itself, make a functional-network token a security. Hougan cautions that these agency rules and guidance are not law and could be reversed by a new administration.
