U.S. Senator Cynthia Lummis (R-Wyo.) said Democrats sought customer disclosures intended to protect crypto holders during a broker bankruptcy but then opposed the Digital Asset Market CLARITY Act. She linked the disclosures to protections that customers of FTX did not have and said the vote against the bill exposed consumers to another FTX-style loss. The Senate rejected cloture (the procedure for ending debate) on the motion to proceed to H.R. 3633 by 49-50 on September 15, 2026, leaving the measure below the 60 votes needed to advance. The bill’s failure halted Senate work on comprehensive crypto market structure legislation for the 2026 session. Lummis has separately supported customer-asset segregation and qualified custodians, which are institutions authorized to hold assets on behalf of customers. The CLARITY Act sought to establish a federal framework for digital asset markets and divide responsibilities between the SEC (U.S. securities regulator) and the CFTC (U.S. derivatives regulator).