Kirsten Gillibrand, Mark Warner and five other Senate Democrats reaffirmed their commitment to passing the CLARITY Act after voting against advancing the crypto market structure bill on Tuesday. The procedural motion failed 49-50, short of the 60 votes required. “This week was a setback, but not the end of that important work,” the senators said in a joint statement pledging bipartisan work.

Democrats withheld support over ethics provisions they said did not adequately address President Donald Trump’s crypto interests. Early efforts are underway to restart talks and assess whether a deal is possible before year end, Eleanor Terrett reported, citing three people familiar with the discussions. Republican Senator Thom Tillis switched his vote to no and filed a motion to reconsider, preserving a path to another vote. Coinbase and Circle shares fell about 10% after the bill stalled.

CFTC Chair Michael Selig said the agency is ready to use its existing authority to develop crypto market rules if the legislation remains stalled, including rules for exchanges and leveraged or margined trading. JPMorgan analysts described the bill as “not fully dead,” but said its window for passage this year is “extremely narrow.”