The Senate failed to advance the House-passed Digital Asset Market Clarity Act after a 49-50 cloture vote, leaving U.S. digital-asset market-structure legislation unresolved. The motion fell 11 votes short of the 60 needed to proceed, with all participating Democrats voting against it. Coinbase Chief Executive Officer Brian Armstrong and Galaxy Digital CEO Mike Novogratz expressed disappointment, while Armstrong said the Securities and Exchange Commission and Commodity Futures Trading Commission have sufficient authority to develop clearer rules as bipartisan discussions continue. Peter Schiff and other crypto critics celebrated the outcome, with Schiff repeating his view that Bitcoin is worthless. The legislation would have allocated oversight responsibilities between the SEC and CFTC and established registration pathways for crypto market intermediaries, but negotiations remain divided over ethics and banking provisions.