Coinbase CEO Brian Armstrong told Scott Melker in a Yahoo Finance interview to “Assume it’s dead” after the Clarity Act received just 49 votes in favor and 50 against in a Sept. 15 Senate procedural vote. The crypto market structure bill needed 60 votes to advance to debate, rather than final passage. Coinbase and Circle shares fell about 10% after the setback.

Armstrong blamed politics rather than disagreements over the bill’s market structure provisions, consumer protections, law enforcement tools or new powers for banks. “95% of what both sides wanted was all agreed to in the bill,” he said, calling the failure “an abdication of responsibility.” Democrats said the legislation did not sufficiently address President Donald Trump’s potential crypto conflicts of interest, while banking groups had sought tighter limits on stablecoin rewards.

A path to revival remains. Senator Thom Tillis filed a motion to reconsider, preserving the option of another vote, and seven Senate Democrats, including Kirsten Gillibrand and Mark Warner, reaffirmed their commitment to passing the bill. “This week was a setback, but not the end of that important work,” their statement said. Separately, CFTC Chair Michael Selig said the agency would use its existing authority to develop crypto market rules, including for exchanges and leveraged or margined trading, if the legislation remains stalled.