The Senate failed to advance the Clarity Act, a landmark crypto market structure bill, in a 49-50 procedural vote that fell well short of the 60 votes required. Democrats opposed the motion as a bloc, joined by Republican Sens. Susan Collins, Josh Hawley and Jerry Moran, while Sen. Thom Tillis initially voted yes before switching to no, preserving the possibility of another vote. The breakdown followed more than a year of negotiations and intensified partisan accusations over President Trump's crypto dealings. Seven Democratic senators involved in the talks said the setback was not fatal and remained committed to a bipartisan agreement. With congressional momentum weakened, the industry is turning toward regulators: the SEC (U.S. securities regulator) issued an innovation exemption enabling tokenized U.S. stocks to trade onchain, while the CFTC (U.S. derivatives regulator) advanced measures covering passive software providers and a broader crypto-markets proposal submitted to the White House for review. The proposal's details remain private.