Senate blocks CLARITY Act 49-50 on cloture, a setback for the stablecoin yield framework

The Senate rejected cloture on the motion to proceed to H.R. 3633, the Digital Asset Market Clarity Act, by 49 to 50, short of the 60 votes needed. Democrats opposed the motion, and Collins, Hawley, Moran and Tillis voted no, with Tillis then entering a motion to reconsider. Stablecoin rewards and ethics rules were among the open disputes, and Circle shares fell sharply that session. The bill's stablecoin rules matter to Circle because its revenue depends on reserve income from USDC.

• Vote: 49-50 on cloture on the motion to proceed; 60 votes were needed (Senate Record Vote No. 234)
• Coons did not vote; Collins, Hawley, Moran and Tillis voted no
• Tillis entered a motion to reconsider, which keeps another vote possible
• Open disputes included stablecoin rewards and ethics rules for officials' crypto interests