The federal regulatory framework for digital assets hit yet another roadblock when the U.S. Senate failed to advance the CLARITY Act. It fell short in a 49-50 closure, where it needed 60 votes to meet the threshold for it to pass.

Since the CLARITY Act has been proposed, splitting duties and assets between the SEC and CFTC has been very difficult. There has been no reliable way to determine whether a token is a security or a commodity, which can create loopholes and is a huge crack in the system.