Binance co-founder Changpeng Zhao said the CLARITY Act setback will not stop crypto development, arguing that technological progress will continue. Coinbase CEO Brian Armstrong also said the Senate’s failure to advance the bill was disappointing but argued that the SEC and CFTC can create clearer rules under existing authority. Armstrong added that the GENIUS Act already provides a framework for stablecoins and said crypto development will continue regardless of the legislation’s outcome. The CLARITY Act failed to reach the 60 votes required to advance.
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